On September 1, a congress was held in Moscow for the "Association of Organizations Engaged in Digital Currency Exchange" (AOЦВ). ForkLog had previously reported on plans for this meeting back in August.

As detailed on the official website, the AOЦВ is preparing to obtain self-regulatory organization (SRO) status.

"The AOЦВ was established in 2026 following the introduction of regulations governing digital currency circulation in Russia. It serves as a platform where digital currency exchanges can consolidate their industry stance and prepare proposals for dialogue with the Bank of Russia," the website states.

The announcement highlights that the association is "developing recommendations for the industry, maintaining a member registry, and laying the groundwork for a future system of standards and oversight."

During the congress, participants raised concerns regarding operations during the transitional period and the requirements set by the regulator, as reported by RBC Crypto. Some industry representatives expressed worries that the new regulations could adversely affect the exchange business economy.

According to the regulations, to operate under a regulated status, crypto exchanges must:

  • have a minimum capital of 15 million rubles;
  • register with the Bank of Russia;
  • join a relevant SRO.

Maxim Bokov, chief analyst at Shard, commented to ForkLog that the capital requirements align with global trends:

"Market participants in Russia consider this threshold high. However, the EU's MiCA license requires a minimum of €125,000, and total startup costs can reach €500,000. In Kyrgyzstan, the required capital is 40 million soms (around 42 million rubles). In comparison to other regulated jurisdictions, Russia's requirements are even below the average."

The law allows for a transitional period until June 30, 2027. According to Bokov, most players are likely to delay formal legalization, allowing larger financial institutions to lead the way:

"Many banks are already conducting operations with cryptocurrencies and are poised to move forward. Other market participants will probably wait to see how the initial players launch before making their decisions."

Bokov also emphasized that establishing an SRO is a common practice within the financial sector. The success of the organization will hinge on its ability to advocate for business interests in discussions with regulators.

Reports indicate that NAUFOR has decided to seek SRO status for operators of information systems, digital depositories, and crypto exchanges. According to the association's president, Alexey Timofeev, the organization plans to submit documents in the first half of September for at least part of the new activities.

Lastly, it's worth noting that on August 31, the Bank of Russia announced the commencement of the digital ruble's use.