New Self-Regulatory Organization for Crypto Exchanges in Russia

Russia is set to launch a self-regulatory organization (SRO) aimed at digital currency exchange operators, with its first congress slated for September 1 in Moscow. Sergey Khitrov, CEO of Listing.Help, announced the initiative but clarified he is not a founding member.

This SRO is part of a broader regulatory framework introduced by the new law "On Digital Currency and Digital Rights," which was approved by the State Duma and the Federation Council in July. The law is expected to be implemented by September 1, 2026.

The Bank of Russia is developing a regulated infrastructure for cryptocurrency, which will include exchanges and digital depositories that will facilitate trading and manage related rights. According to Andrey Tugarin, founder of GMT Legal, the adoption of this law will raise practical questions for exchanges that have historically operated without clear legal guidelines, placing them in a gray area.

Tugarin highlighted several key issues that exchanges will need to navigate, including registration with the Central Bank, compliance with international regulations, and risks related to cryptocurrency storage and sanctions. He believes that the new SRO will help address these challenges and improve communication between exchanges and the Bank of Russia.

The law includes a transitional period until July 1, 2027, during which market participants must secure necessary permits and conform to the new regulations.