Russia Considers Experimental Cryptocurrency Trading for Top-Tier Investors

Russia is considering the launch of experimental cryptocurrency trading for top-tier investors, allowing a select group to participate in the cryptocurrency market. According to reports, the Ministry of Finance and the Bank of Russia are leading talks on the project, which aims to create a safe space for crypto trading.

Aleksey Yakovlev, the Ministry of Finance’s financial policy department head, revealed that the plan is still in its early stages. However, it’s understood that the pilot would be open only for top-tier investors, including professional market participants and individual investors, with personal holdings of at least 24 million rubles ($250,000).

Current State of Cryptocurrency in Russia

While owning cryptocurrency is allowed in Russia, using it as a legal tender is banned. The country also has no centralized exchange for cryptocurrencies, forcing individuals to trade crypto on foreign platforms.

However, some crypto exchanges seem to be operating within Russia’s purview. For instance, Garantex, a crypto exchange sanctioned by the U.S. and the European Union, has offices in Moscow’s Federation Tower and allows deposits and withdrawals in rubles to Russian bank cards.

Key Requirements for Top-Tier Investors

To participate in the experimental cryptocurrency trading pilot, top-tier investors must meet the following requirements:

  • Minimum personal holdings of 24 million rubles ($250,000)
  • Professional market participants or individual investors

As Russia continues to navigate the cryptocurrency market, it’s essential to stay informed about the latest developments. For more news and updates on cryptocurrency and investing, visit Global Crypto News.

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