Russia Authorizes Body to Oversee Crypto Exchanges

The Central Bank of Russia has officially designated the National Association of Securities Market Participants as the first self-regulatory entity for crypto exchanges and digital depositories. This decision took effect on October 29 and implements guidelines from legislation passed by parliament in July.

Companies listed in the Central Bank's official registry have 90 days to join the new framework. The current registry includes 23 exchanges and eight depositories, featuring major financial institutions such as Sberbank and VTB.

NAUFOR will be responsible for setting market standards, monitoring compliance with rules, and acting as a liaison with regulators. The entity already has experience in the traditional market, where it has operated since 1996 with brokers and fund managers.

The new legal structure prohibits the use of cryptocurrencies for domestic daily payments. The Russian government aims to use the system to facilitate cross-border transactions, seeking to bypass international sanctions through state-supervised channels.

The regulatory framework imposes annual purchase limits for non-qualified investors and allows depositories to restrict transfers to private wallets. These measures solidify state control over the country's digital asset ecosystem.