Russia Considers Launching Experimental Cryptocurrency Trading for High-Net-Worth Investors
In a significant development, Russia is contemplating the introduction of experimental cryptocurrency trading tailored for high-net-worth investors, with a minimum asset requirement of $250,000, according to recent statements from the Ministry of Finance.
The initiative, spearheaded by the Ministry of Finance and the Bank of Russia, aims to establish a secure environment for cryptocurrency trading. Although the project is still in its preliminary phases, further details have yet to be disclosed.
The proposed pilot program is designed to accommodate only elite investors, including professional market participants and individual investors, with personal holdings starting at 24 million rubles ($250,000).
While private ownership of cryptocurrencies is permitted in Russia, the use of these digital assets as legal tender remains prohibited. Currently, there is no centralized cryptocurrency exchange operating within the country, forcing individuals to engage in trading exclusively through foreign platforms.
Recent findings indicate that Garantex, a crypto exchange facing sanctions from various countries, stands out as one of the most prominent exchanges operating in Russia. This exchange is based in Moscow’s Federation Tower and facilitates deposits and withdrawals in rubles, catering to local banks.
