National Exchange and Market Infrastructure

Chebeskov emphasized the market’s need for its own infrastructure. Therefore, a national framework is necessary for a wide ecosystem, from mining to payments. In addition, the infrastructure will operate through a national exchange that includes miners, investors, and companies working with crypto assets. For this reason, the Bank of Russia has also begun preparations for the development of this infrastructure.

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Crypto-Friendly Russia: Pilot Programs and Legal Trials

Moscow has softened its stance toward crypto in recent months. In March, the Central Bank launched a pilot program for certain investors. The program allows investors to trade crypto on a limited basis for three years. Its goal is to secure investments while maintaining strict rules for individual use.

In April, the Ministry of Finance and the Central Bank worked to establish a crypto exchange open only to qualified investors. The experimental legal system will last three years. This system shows that Russia is testing crypto in a controlled yet increasingly friendly framework.

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Dmitry Titarenko, Mosca’s development director, confirmed that the raid was linked to a fraud case involving one of its customers. Titarenko stated, “Law enforcement agencies have conducted a standard check of our customer data.”

Following the raid, local news outlets reported that several Mosca customers might be connected to a crypto-related scam, where victims allegedly deposited large sums of cash into fraudulent schemes. According to reports, the amount involved was in the millions of dollars.

Cash-to-Crypto Ban: Aimed at Protecting Investors

The raid on Mosca came shortly after Evgeny Masharov, a member of the Russian Civic Chamber, proposed a ban on exchanges accepting cash for cryptocurrency purchases. Masharov argued that such a ban would significantly curb fraudulent activities, as many phone scammers use crypto exchanges to withdraw funds.

Local news channel Baza linked the raid to a record-breaking fraud involving Olga Serova, a former government advisor. Serova reportedly fell victim to scammers in late 2024, handing over approximately 421 million Russian rubles (around $5.1 million) to the fraudsters.

Mosca Platform Details

Mosca allows users to deposit up to 100,000 USDT (approximately $100,000) daily in cash. However, Titarenko emphasized that they were unaware if the fraud case involving Serova was related to the raid on their office. He also pointed out that this was the first raid related to a criminal case at Mosca in the past three months.

Titarenko further stated that the platform has been strengthening its Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures, including maintaining a blacklist of suspicious users.

Raids Could Become Commonplace for Crypto Exchanges in Moscow

Mosca was present at the Blockchain Life 2025 event in Moscow, which marked the first major crypto conference to return to the city since October 2021. Mosca participated as one of the main guests, taking two prime booths and winning the title of “Best Crypto Exchange Service.”

Sergey Mendeleev, a prominent figure in Russia’s crypto community, voiced concerns about the government’s move to ban cash-to-crypto transactions, suggesting it could signal a shift away from crypto adoption. He also pointed out that exchanges located in the Moscow International Business Center have become frequent targets of police raids. Previously, Garantex, another exchange, had suspended its operations after Tether froze $27 million in USDT due to sanctions.

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Access Reserved for “Super-Qualified” Investors Only

Russian Finance Minister Anton Siluanov revealed the details during an official meeting on April 23. According to Siluanov, the new crypto exchange will be accessible only to “super-qualified” investors, aiming to shift crypto operations into a more transparent and regulated environment.

“Together with the Central Bank, we are setting up a crypto platform tailored for super-qualified investors. Crypto assets will gain legal recognition, and their transactions will move out of the shadows,” Siluanov stated.

The exchange, however, will not operate within the domestic financial system but will instead be part of the experimental regime’s designated legal boundaries.

Wealth Threshold Over $1.2 Million

Earlier in March, the Bank of Russia proposed criteria for identifying eligible investors under this scheme. To qualify, individuals must hold assets worth over 100 million rubles (approximately $1.2 million) or earn a minimum annual income of 50 million rubles (around $602,000).

Still, these qualifications are not final. Osman Kabaloev, Deputy Director of the Finance Ministry’s Financial Policy Department, noted that the parameters are subject to further discussion and could change:

“These figures might be revised depending on ongoing evaluations. A wide public and institutional dialogue will help shape the final framework,” he said.

Crypto Use Remains Restricted, Yet Innovation Continues

Despite banning the use of cryptocurrencies such as Bitcoin for payments under its first crypto law enacted in January 2021, Russia continues exploring new ways to integrate digital assets into its financial ecosystem.

On April 16, Kabaloev emphasized the need for Russia to develop its own stablecoin, following the freezing of wallets associated with the sanctioned Garantex exchange and stablecoin issuer Tether.

Government-Backed Crypto Fund and Legal Reforms in Sight

In a related development, Evgeny Masharov, a member of Russia’s Civic Chamber, suggested establishing a state-run crypto fund. This fund would consolidate crypto assets seized during criminal investigations.

Simultaneously, Russian lawmakers are also working on recognizing cryptocurrencies as legal property for use in criminal justice processes—another sign that the country’s digital finance landscape is undergoing significant change.

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The law expands access to digital wallet addresses, particularly for federal agencies such as the Federal Financial Monitoring Service (Rosfinmonitoring), so that they can monitor digital currency transactions. This increases measures against money laundering and terrorist financing. In addition, the management of the national mining registry has been transferred from the Ministry of Digital Development to the Federal Tax Service, which will take on the task of ensuring compliance in the sector and punishing those who do not comply with the rules.

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The move aligns with Russia’s efforts to develop a digital ruble, as well as its strategy to use cryptocurrencies in international trade to bypass Western sanctions and reduce its dependence on the dollar. In August, President Putin signed a framework that experimentally enables the use of cryptocurrencies in international transactions; this framework allows cross-border crypto transfers under the supervision of the Central Bank.

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Russia’s Two New Exchanges: Moscow and St. Petersburg

Russia plans to launch two new cryptocurrency exchanges in Moscow and St. Petersburg. The move emphasizes increasing the use of foreign economic activities (FEA) while also aiming to develop a BRICS stablecoin tied to the Chinese yuan (RMB).

The new cryptocurrency exchange initiative aims to provide a new platform for digital transactions. However, the general public is concerned about the limitations and risks associated with the project, especially due to international sanctions.

Russia’s Crypto Sector Development

Plans According to Kommersant newspaper, one of the crypto exchanges will facilitate foreign economic activity by using the infrastructure of the St. Petersburg Currency Exchange (SPCE). The other platform is expected to be established in Moscow. However, it is not yet clear whether this platform will be developed away from the existing Moscow Exchange or as a separate entity within a scattered legal framework.

The main focus of these exchanges will be access and usage of stablecoins. Stablecoins are usually a type of cryptocurrency that is tied to a national currency or a currency deposit. Russia is reportedly playing stablecoins tied to the Chinese Renminbi (RMB) Yuan and BRICS currency deposit.

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BRICS Goal for Economic Cooperation

The move aims to increase economic cooperation among the BRICS countries (Brazil, Russia, India, China and South Africa). Currently, BRICS is aiming to de-dollarize via crypto and blockchain. However, there are several challenges to developing a BRICS stablecoin and new crypto exchanges.

BitRiver CEO Oleg Ogienko noted the technological challenges of introducing stablecoins on Russia’s blockchain. “Stablecoins are more like cryptocurrencies by their legal nature,” Ogienko said, adding that this composability could complicate their liquidity and security. The complexity of these details could also hinder the smooth adoption of stablecoins in Russia.

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