The Bank of Russia confirmed that the National Association of Securities Market Participants, known as NAUFOR, had been entered into its unified register of financial market self-regulatory organisations. The registration, announced on 8 October, applies specifically to operators of information systems used to issue digital financial assets, rather than cryptocurrency exchanges generally.
The distinction is significant because Russia maintains separate regulatory categories for digital financial assets, cryptocurrency exchanges and digital depositories. NAUFOR’s recognition establishes a supervisory framework for registered information system operators, while cryptocurrency trading businesses remain subject to separate authorisation and registration requirements.
Under the arrangement, information system operators already registered with the central bank must join an approved self-regulatory organisation within 180 days. Operators admitted after 1 September 2026 face a shorter deadline of 90 days from their registration date.
The central bank said 25 information system operators were registered when it announced NAUFOR’s new status. Their membership obligations arise under legislation governing digital currencies and digital rights, which took effect on 1 September.
The development accompanies the establishment of Russia’s first formal registers for cryptocurrency exchanges and digital depositories. On 6 October, the Bank of Russia announced that four cryptocurrency exchange businesses and five digital depositories had received permission to operate under transitional provisions of the legislation.
Those initial registrations included major financial institutions and specialised technology businesses. VTB Bank, T-Invest Lab, Zefir and Sistema-Crypto were among the first cryptocurrency exchange operators admitted to the regulated market.
Sberbank, VTB, Atomize, Voltari and Cloud Infrastructure were included among the initial digital depositories, reflecting participation by established banking institutions alongside businesses specialising in digital asset infrastructure.
The central bank has subsequently continued adding organisations to its cryptocurrency exchange register. Its published decisions include approvals for additional businesses during October, extending the number of authorised market participants beyond the initial four.
On 26 October, the regulator approved the registration of several additional cryptocurrency exchange operators, including Ingo Bank, Kels, LIK and Russian Digital Solutions. Their inclusion forms part of the continuing implementation of the country’s digital currency legislation.
Registered cryptocurrency exchange businesses are permitted to purchase and sell digital currencies in their own names and for their own accounts outside organised trading platforms. Digital depositories perform different functions, including recording ownership, facilitating transfers and providing access to addresses associated with digital assets.
The regulatory framework requires participating organisations to comply with transaction recording and operational requirements from the date of their registration. Businesses admitted through transitional arrangements must bring their operations fully into line with the legislation by 1 September 2027.
The Bank of Russia has also introduced admission procedures covering management qualifications, documentation and regulatory assessments. These requirements govern applications from digital depositories, cryptocurrency exchanges and information system operators seeking entry into the authorised market.
Regulations establishing those procedures were registered with Russia’s Ministry of Justice in September and became effective on 5 October. They also provide simplified admission arrangements for certain existing financial market participants seeking registration under the new framework.
The legislation introduces further changes affecting cryptocurrency transactions by residents. From 1 July 2027, residents who are not themselves authorised market organisers will generally be required to conduct digital currency transactions through, or with, legally recognised intermediaries.
That requirement will substantially alter the legal treatment of direct cryptocurrency transactions between individuals. The central bank identifies brokers and registered cryptocurrency exchange organisations among the intermediaries permitted to facilitate transactions under the legislation.
The authorities have also established separate registration requirements for institutions providing custody and related digital asset services. These arrangements distinguish the safekeeping and accounting of digital currencies from the activities of businesses executing purchases and sales.
For information system operators issuing digital financial assets, NAUFOR’s registration creates a separate membership requirement within the wider financial market supervisory structure. It does not itself authorise NAUFOR to operate a cryptocurrency exchange or grant trading permissions to its members.
The central bank maintains public registers identifying authorised participants and their permitted activities. These records provide a means of distinguishing registered institutions from businesses operating outside the recognised regulatory framework.
NAUFOR’s designation was entered into the unified financial market self-regulatory register on 8 October, two days after the regulator announced its first cryptocurrency exchange and digital depository registrations.
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