Russia’s crypto regulation has tightened another notch.
On 10-29, the Bank of Russia approved NAUFOR (the National Association of Securities Market Participants) as the first self-regulatory organization (SRO) for digital depositories and crypto exchanges.
A few hard facts:
1️⃣ The Bank of Russia’s crypto exchange register currently lists 23 firms, and its digital depository register lists 8, including major banks such as VTB, Sberbank, and T-Technologies (the parent company of T-Bank)
2️⃣ Institutions added to the registers must join an SRO within 90 days
3️⃣ Entry requirements: crypto exchanges must have at least 15 million rubles in equity; digital depositories must have between 50 million and 250 million rubles
4️⃣ The admission rules took effect on 10-05. Earlier this month, NAUFOR secured SRO status for operators of digital financial asset (DFA) information systems. This is its second such authorization
My take: this isn’t liberalization—it’s bringing the sector under control.
OTC trading and exchanges that previously operated in a gray area must now be registered, meet capital requirements, and come under an SRO. The field is shifting from makeshift operators to a playing field dominated by major banks, with Sberbank and VTB naturally well positioned.
The direct impact on global markets is limited, but the trend is clear: more and more countries are choosing to “issue licenses first, then regulate,” rather than impose a blanket ban.
Only screening, not financial advice. The compliance progress bar keeps moving.
Sources: NAUFOR official announcement; reports by Vedomosti and Finmarket
Not investment advice
On 10-29, the Bank of Russia approved NAUFOR (the National Association of Securities Market Participants) as the first self-regulatory organization (SRO) for digital depositories and crypto exchanges.
A few hard facts:
1️⃣ The Bank of Russia’s crypto exchange register currently lists 23 firms, and its digital depository register lists 8, including major banks such as VTB, Sberbank, and T-Technologies (the parent company of T-Bank)
2️⃣ Institutions added to the registers must join an SRO within 90 days
3️⃣ Entry requirements: crypto exchanges must have at least 15 million rubles in equity; digital depositories must have between 50 million and 250 million rubles
4️⃣ The admission rules took effect on 10-05. Earlier this month, NAUFOR secured SRO status for operators of digital financial asset (DFA) information systems. This is its second such authorization
My take: this isn’t liberalization—it’s bringing the sector under control.
OTC trading and exchanges that previously operated in a gray area must now be registered, meet capital requirements, and come under an SRO. The field is shifting from makeshift operators to a playing field dominated by major banks, with Sberbank and VTB naturally well positioned.
The direct impact on global markets is limited, but the trend is clear: more and more countries are choosing to “issue licenses first, then regulate,” rather than impose a blanket ban.
Only screening, not financial advice. The compliance progress bar keeps moving.
Sources: NAUFOR official announcement; reports by Vedomosti and Finmarket
Not investment advice