Bank of Russia Names NAUFOR First Crypto Market Self-Regulator

The Bank of Russia on Oct. 29 named the National Association of Securities Market Participants (NAUFOR) as the first self-regulatory body for crypto exchanges and digital depositories, giving a securities group a formal role in market oversight.

Russian rules require crypto exchange operators and digital depositories to register with the central bank and join a self-regulatory organization, or SRO. An SRO sets standards for the businesses it oversees, reviews member compliance and represents the sector to regulators. NAUFOR’s appointment adds an oversight layer to Russia’s registered crypto exchange and depository framework.

NAUFOR has operated since 1996 and has 725 members, including brokers, dealers and fund managers in traditional financial markets. The association also gained self-regulatory status for information-system operators earlier in October.

NAUFOR plans to help develop standards for digital-asset markets and seek rule changes from the Bank of Russia. Firms listed in the central bank’s registries have 90 days to join an SRO.