Russia Approves Securities Group to Oversee Crypto Exchanges

The Bank of Russia approved NAUFOR as the country’s first self-regulatory organization for crypto exchanges and digital depositories. The National Association of Securities Market Participants, known as NAUFOR, has won self-regulatory organization status for digital depositories and crypto exchanges. The Central Bank of Russia made the decision on October 29, according to Interfax. The move turns a law into a working system. Russia’s framework, “On Digital Currency and Digital Rights,” passed the State Duma in July. It requires exchange operators and depositories to sit in central bank registries, and it requires them to join an SRO.