On 29 October, the Bank of Russia took a step that at first glance looks routine: it approved the National Association of Stock Market Participants (NAUFOR) as the first self-regulatory organization for crypto exchanges and digital depositories. Behind this formality lies something more — the transformation of cryptocurrencies from a grey zone into a full-fledged, controlled segment of the financial system.
The law "On Digital Currency and Digital Rights," adopted in July, obliged exchangers and depositories not only to enter the Central Bank's registries but also to join an SRO. By the end of October, the registries already listed around 23 exchangers and eight depositories, including VTB, Sberbank and T-Bank's structures. Now they have 90 days to join the self-regulatory organization. NAUFOR, which has existed since 1996 and unites 725 traditional players, received this status before anyone else.
An SRO in the Russian model is not just a club of shared interests. It develops standards, monitors their observance, provides methodological support and represents the industry before the regulator. For the crypto market, this means that the rules will be written by people accustomed to working with securities rather than with volatile tokens. The interests of banks and brokers here are obvious: they gain legal access to a new asset while retaining control over risks and reputation.
For the ordinary person, this changes the picture. Previously, crypto was associated with anonymity and independence from banks. Now intermediaries must meet capital requirements — from 15 million rubles for exchangers to 250 million for depositories — and undergo inspections. Money that used to "lie in a wallet" is gradually moving into a system where it is monitored not only by the blockchain but also by the regulator through the SRO.
NAUFOR already has a similar status for operators of information systems working with digital financial assets. Now the sphere has expanded to the exchange of digital currencies and depositories. The association promises to participate in refining legislation and to protect the interests of participants before the Central Bank. In practice, this means that the voice of the traditional market will sound louder than the voice of purely crypto projects.
Regulation always carries a double effect: it reduces the risks of fraud and provides protection, but at the same time it limits freedom and raises costs. In the case of crypto in Russia, this balance is shifting toward institutional control. Large banks have already entered the registries; small players will be forced either to comply or to leave.
As a result, cryptocurrency in Russia is ceasing to be a marginal instrument and is becoming just another line in a portfolio, where the rules are dictated not only by the market but also by time-tested financial bureaucracy.
