Russia has taken another step toward regulating its crypto industry after the Bank of Russia officially recognized its first self-regulatory organization overseeing crypto exchanges and digital depositories.
According to a local source, the decision grants the National Association of Securities Market Participants (NAUFOR) authority to help establish industry standards and monitor compliance for locally-registered crypto firms.
The move establishes a clearer route toward operating within the country’s evolving digital asset market.
NAUFOR Takes On New Responsibilities
NAUFOR is hardly a newcomer to Russian finance. Established in 1996, the organization has spent decades representing brokers, dealers, investment advisers, securities managers, and other participants across the country’s financial markets.
NAUFOR’s experience now places it at the centre of Russia’s effort to bring crypto services under a more organized regulatory framework.
On October 29, the Bank of Russia added NAUFOR to its register of self-regulatory organisations covering digital depositories and businesses exchanging digital currencies. The designation extends its responsibilities beyond traditional securities and digital financial assets into activities directly connected with cryptocurrency transactions.
Under its expanded mandate, NAUFOR will help develop industry standards, monitor compliance, provide guidance to members, and represent their interests in discussions with the central bank. Those responsibilities could give businesses a clearer understanding of regulatory expectations as Russia establishes rules for digital-asset operations.
The association will also have a channel through which industry participants can raise practical concerns about legislation and its implementation. However, NAUFOR will not replace the Bank of Russia, which retains authority over registration and the wider regulatory framework.
New Rules Reshape Russia’s Crypto Market
The decision comes as Russia moves beyond debating crypto regulation and begins building the infrastructure needed to enforce it. Legislation governing digital currencies and digital rights took effect on September 1, 2026, establishing a legal foundation for the market’s development.
The Bank of Russia subsequently introduced registration procedures covering crypto exchanges, digital depositories, and operators of systems issuing digital financial assets. On October 6, the regulator announced that five organisations had entered its digital-depository register, while four entities had been registered for crypto exchange activities.
These initial admissions marked an important transition from regulatory planning towards the practical supervision of businesses handling digital assets. However, regulators required that registered crypto exchanges and digital depositories follow applicable transaction-execution and recordkeeping rules while bringing their operations into full compliance with legislation by September 1, 2027.
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