The Russian Ministry of Finance to provide encryption trading to “highly qualified” investors: report

The Ministry of Finance and the Russian Central Bank will reveal an encrypted exchange of “very qualified” investors, Interfax News Agency reported on Wednesday.

Finance Minister Anton Selwanov said during the meeting of the Ministry’s Board of Directors, according to the report, that the exchange will “codify the assets of encryption and remove encryption operations from the shadow.”

“Of course, this will not happen locally, but as part of the permitted operations under the experimental legal system,” said Selawanov.

The central bank proposed to Russia Allowing the trading of encryption within a pilot known as the experimental legal system (ELR) in March.

This applies to highly qualified investors, a new investor category for individuals whose investments exceed 100 million rubles (1.2 million dollars) or annual income of more than 50 million rubles ($ 600,000).

The lack of a central local encoding exchange in Russia means that the Russians depend on trading platforms abroad to buy and sell the cryptocurrency, which the Ministry of Finance and the Central Bank may seek to confront.

The Central Bank also suggested allowing highly qualified investors to access derivatives and securities associated with digital assets, which do not include delivery of encryption to the investor but they derive revenues based on their value.