Russia’s finance ministry, alongside the central bank, is preparing to launch a crypto exchange tailored for highly-qualified investors, as reported by the news agency Interfax.

The exchange aims to “legalize crypto assets and bring crypto operations out of the shadows,” said Finance Minister Anton Siluanov at a ministry board meeting.

Translation: “Naturally, this will not happen domestically, but as part of the operations permitted under the experimental legal regime,” Siluanov added.

The Central Bank of Russia proposed introducing crypto trading as part of a pilot program known as the experimental legal regime (ELR) back in March. This initiative is targeted at investors with assets exceeding 100 million rubles (approximately $1.2 million) or an annual income greater than 50 million rubles (around $600,000).

Due to the lack of a regulated domestic crypto exchange, Russians currently depend on foreign platforms to conduct cryptocurrency transactions, which this new initiative may aim to address. Additionally, the Central Bank has suggested expanding access to derivatives and securities linked to digital assets for these high-net-worth individuals.