Russia's Central Bank proposed to launch a cryptocurrency investment pilot for high net worth investors

On March 12, according to Coindesk, a controlled experiment proposal allowing 'a limited group of Russian investors' to trade Crypto Assets has been submitted to the government by Russian banks. According to a statement from the Central Bank, the plan will introduce a three-year experimental legal regime (ELR), in which 'specially qualified' investors will be allowed to engage in Crypto Assets trading. To be considered 'specially qualified,' individual investors need to have investments exceeding 100 million rubles (1.14 million USD) or annual income exceeding 50 million rubles (570,000 USD). Institutions identified as accredited investors can also trade Crypto Assets. The plan aims to establish standards for encryption-related services and improve market transparency, while expanding investment opportunities for 'experienced investors willing to take on higher risks'.