The Bank of Russia has approved the National Association of Securities Market Participants (NAUFOR) as the country’s first self-regulatory organization for crypto exchanges and digital depositories. This decision, made on October 29, operationalizes the framework “On Digital Currency and Digital Rights,” which passed the State Duma in July. The law mandates that exchange operators and depositories listed in central bank registries join an SRO within 90 days.
Interfax reports that the current registry includes 23 crypto exchanges and eight digital depositories, featuring major financial institutions such as VTB, Sberbank, and units of T-Technologies. NAUFOR, established in 1996 with 725 members from traditional markets, previously received similar status for information system operators earlier in October. The association states it will help shape standards for digital asset markets and advocate for rule changes to the central bank.
While the new framework licenses exchanges and depositories, it maintains a ban on domestic crypto payments for everyday purchases. Retail investors classified as non-qualified are limited to purchasing up to 300,000 rubles annually through a single intermediary, while qualified investors face higher ceilings. The Moscow Exchange has reportedly begun testing cryptocurrency trading with professional participants, aiming for a launch this December using existing infrastructure and partner depositories.
This regulatory development marks a significant shift in how Russia integrates digital assets into its formal financial architecture. By assigning oversight to NAUFOR, an entity deeply rooted in traditional securities markets, the state leverages existing institutional credibility to manage emerging crypto risks. This approach suggests a preference for stability and control over innovation, ensuring that digital asset custodians adhere to standards familiar to regulators and established banks like Sberbank and VTB.
The immediate implication is a consolidation of market access under strict compliance regimes. With a 90-day deadline for registered firms to join the SRO, smaller or less compliant entities may face exclusion, potentially favoring large incumbents with robust legal resources. Furthermore, the continued prohibition on domestic payments alongside the opening of cross-border channels indicates a strategic use of crypto to mitigate sanctions pressure, rather than a full embrace of decentralized finance principles.
