NAUFOR Becomes Russia's First SRO for Cryptocurrency Exchanges

The Central Bank of Russia has officially granted the National Association of Securities Market Participants (NAUFOR) the status of a self-regulatory organization for cryptocurrency exchanges and digital depositories. This event marks the beginning of a new stage in the regulation of digital assets in the country.

Previously, on October 6, the Central Bank included four cryptocurrency exchanges and five digital depositories in the relevant registers. However, at that time, there was no specialized SRO for these market participants, which created legal uncertainty.

Mandatory SRO Membership

Joining NAUFOR is now a mandatory requirement for all companies included in the Central Bank's registers. According to the Law on Digital Currencies, which came into force on September 1, organizations have 90 days to join the self-regulatory organization.

Functions and Tasks of NAUFOR

The new status empowers NAUFOR with the authority to develop industry standards and monitor compliance. The organization will also represent the interests of market participants in interaction with the Central Bank of Russia, contributing to the formation of a transparent environment for business in the field of digital finance.