The AOЦВ in Russia aims to secure self-regulatory organization status for crypto exchanges, addressing industry concerns during a recent congress.
A congress took place in Moscow on September 1 for the "Association of Organizations Engaged in Digital Currency Exchange" (AOЦВ), which aims to acquire self-regulatory organization (SRO) status.
Founded in 2026, the AOЦВ seeks to unify digital currency exchanges in Russia and facilitate discussions with the Bank of Russia regarding industry regulations.
"The AOЦВ serves as a platform for exchanges to consolidate their industry stance and propose regulatory dialogues," the organization's website states.
The association is currently working on developing industry recommendations, maintaining a member registry, and establishing standards and oversight mechanisms.
During the congress, industry participants expressed concerns about the implications of upcoming regulations and their potential impact on the exchange economy, as reported by RBC Crypto. Some members fear that new rules might hinder business operations.
Under the proposed regulations, crypto exchanges must meet certain criteria to operate legally, including:
- minimum capital of 15 million rubles;
- registration with the Bank of Russia;
- membership in an SRO.
Maxim Bokov, chief analyst at Shard, noted that while the capital requirements may seem high, they are in line with global standards. He pointed out that the EU's MiCA licensing requires a minimum of €125,000, and startup costs can total around €500,000. In Kyrgyzstan, the capital requirement is approximately 42 million rubles, indicating that Russia's standards are relatively moderate.
"Many market participants believe this threshold is high, but it's competitive compared to other jurisdictions," Bokov stated.
There is a transitional period in place until June 30, 2027, during which many industry players may postpone formal legalization, allowing larger financial institutions to take the lead. Bokov remarked that many banks are already engaging with cryptocurrencies and may act before smaller exchanges do.
"Other market participants will likely wait to observe the initial moves of larger players before deciding on their next steps," he added.
Additionally, reports indicate that the National Association of Participants in Financial Markets (NAUFOR) is pursuing SRO status for digital asset operators, including crypto exchanges. NAUFOR President Alexey Timofeev announced plans to submit relevant documents in the first half of September.
Notably, on August 31, the Bank of Russia began the rollout of the digital ruble, marking a significant development in the country’s digital finance landscape.
