The Bank of Russia has approved the National Association of Securities Market Participants (NAUFOR) as the country's first self-regulatory organization (SRO) for crypto exchange operators and
The Bank of Russia has approved the National Association of Securities Market Participants (NAUFOR) as the country's first self-regulatory organization (SRO) for crypto exchange operators and crypto custodians. Bitcoin Magazine, citing Interfax, reported that the central bank made the decision on October 29.
NAUFOR has operated since 1996 and already counts brokers, dealers and fund managers from traditional markets among its members. Bitcoin Magazine put its membership at 725. In an SRO role, the association writes industry standards, monitors its members and represents the industry to regulators. It will now apply that model to crypto firms. NAUFOR has said it will help shape standards for digital asset markets and press the central bank on rule changes. Earlier in October, it received the same status for information system operators.
The central bank's registries currently list 23 crypto exchange operators and eight digital depositories, including VTB, Sberbank and units of T-Technologies, the holding company behind T-Bank, according to the same report. Firms on those registries have 90 days to join an SRO. COINOTAG calculated that this puts the deadline at January 27, 2027.
The step moves Russia's new crypto framework from legislation to operation. Federal Law No. 282-FZ, titled "On Digital Currency and Digital Rights," took effect on September 1, 2026, according to CoinGape. It legalizes licensed trading, custody and certain cross-border settlements under Bank of Russia supervision, while domestic crypto payments for goods and services remain banned.
Retail investors must pass a suitability test before trading. Crypto.news reported that those who pass can buy up to 300,000 rubles (about $3,700) of approved crypto per year through each licensed intermediary. Qualified investors face no such cap. The central bank has proposed bitcoin ($BTC), ether ($ETH) and USDT ($USDT) as the assets available for regulated retail trading.
The same report said market participants have a transition period through July 1, 2027, to obtain licenses. Under the law, registered crypto exchanges must also hold at least 15 million rubles in equity and join an approved SRO, according to crypto.news coverage of the law's signing.
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