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 .