Russia Plans Cryptocurrency Exchange for High Net Worth Investors

According to PANews, the Russian Ministry of Finance and the Central Bank are set to establish a cryptocurrency exchange targeting high net worth investors. This initiative is part of a 'trial legal regime' aimed at compliance. Participants must possess assets exceeding 120 million rubles or have an annual income over 50 million rubles. The plan seeks to legalize cryptocurrency trading and enhance market transparency, but it will be limited to foreign trade settlements and not applicable to domestic payments. The pilot phase of these transactions is scheduled to commence in six months.