The Central Bank of Russia has granted self-regulatory organization status to the National Association of Securities Market Participants (NAUFOR), empowering it to oversee digital depositories and cryptocurrency exchanges. The decision, made on October 29, aims to solidify Russia’s regulatory structure for the crypto sector.
Broader compliance and regulatory changes
NAUFOR’s new mandate follows the passage of Russia’s “On Digital Currency and Digital Rights” framework in July, which established a comprehensive standard for digital asset markets. The legislation requires all operators of crypto exchanges and depositories to register with the central bank and to become members of a self-regulatory organization (SRO).
The central bank’s registry currently includes 23 crypto exchanges and eight digital depositories, among them prominent institutions such as VTB, Sberbank, and entities under T-Technologies, the holding company behind T-Bank. All listed firms must join an SRO within 90 days under the updated law. An SRO is responsible for drafting industry standards, monitoring compliance among its members, and serving as the industry’s formal representative to regulators.
Mini dictionary: NAUFOR is a major Russian association founded in 1996 that represents securities market participants, including brokers, dealers, and fund managers. Its SRO status allows it to set standards and oversee compliance within the financial and crypto sectors.
NAUFOR stated its intention to help define standards for the digital asset market and to work with the central bank on potential rule changes. The association, established in 1996, has 725 members from traditional financial sectors.
Impact on investors and crypto businesses
The introduction of this regulatory mechanism is expected to bring digital assets under similar oversight as traditional securities, with the state providing familiar governance. The law prohibits the use of Bitcoin and other cryptocurrencies for general payments within Russia, restricting domestic crypto payments while establishing licensed exchanges and depositories. Retail purchase limits are set, while professional traders, or qualified investors, can access higher transaction ceilings.
| Participant Type | Annual Purchase Limit | Access Channel |
|---|---|---|
| Non-qualified Retail | 300,000 rubles (approx. $3,800) | Single intermediary |
| Qualified Investor | Higher ceilings | Broader access |
Depositories are expected to record user holdings, and the new framework allows these entities to restrict crypto transfers to personal wallets in certain circumstances. These policies are seen as shaping how different investor groups may access or use digital asset platforms.
The law provides a state-supervised pathway for cross-border cryptocurrency transactions, a feature intended to help Russia navigate ongoing Western sanctions.
Major institutions participate in inital implementation
In recent months, the Moscow Exchange began piloting cryptocurrency trading with professional participants, aiming to launch full trading by December. The exchange utilizes its existing infrastructure and partners with a digital depository, aligning with the new regulatory regime introduced in September.
Sberbank, one of Russia’s largest banks, has also obtained approval to provide custody services for Bitcoin and select cryptocurrencies. Russian President Vladimir Putin has publicly acknowledged the difficulty of banning Bitcoin’s use and its inherent resilience.
