Russia’s Ministry of Finance is reportedly working on allowing stock exchanges to open crypto trades, but restrict access to a limited group of “highly qualified” investors.

Russia’s Ministry of Finance, also known as Minfin, is exploring measures to permit crypto trading on stock exchanges. This initiative aligns with the country’s move towards legalizing crypto payments for cross-border trades. The information comes from sources close to the matter, as reported by the Russian state news agency Interfax.

The report indicates that the ministry is considering a mechanism to facilitate trades with digital currencies, limited to “highly qualified” investors. This restriction comes as the Bank of Russia remains opposed to full crypto legalization.

“The initiative aims to facilitate digital currency trades while navigating regulatory complexities.”

This move aligns with Russia’s Prime Minister Mikhail Mishustin’s 2022 push to enable cross-border crypto settlements. Sources suggest that Minfin proposes recognizing cryptocurrency as a commodity to better navigate regulatory challenges.

The proposal follows reports that the Bank of Russia may consider approving stablecoins for cross-border trades. This consideration comes as local businesses seek alternative methods for conducting trade with China amid ongoing sanctions.

In a recent interview with Russia’s state newspaper, central bank deputy governor Alexei Guznov mentioned that the proposal is under discussion. He noted that the ultimate aim is to regulate the entire process, enabling individuals to transfer, accumulate, and use these assets (stablecoins) for international payments.

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