A self-regulatory organization (SRO) for digital currency exchange operators is set to be established in Russia. The inaugural congress is scheduled for September 1 in Moscow, as announced by Sergey Khitrov, CEO of Listing.Help.
Khitrov clarified that he is not a founding member of the organization but is supportive of its launch. Details regarding the structure and answers to industry participants' questions will be provided at the congress.
This initiative is linked to the new law titled "On Digital Currency and Digital Rights." The State Duma approved the legislation in its second and third readings on July 21, and the Federation Council endorsed it on July 24. The primary regulations are expected to come into effect on September 1, 2026.
The Bank of Russia has indicated that a regulated infrastructure for cryptocurrency circulation is being developed, which will include crypto exchanges and digital depositories. The exchanges will facilitate the buying and selling of digital currencies, while the depositories will manage rights related to these assets.
In a comment to ForkLog, Andrey Tugarin, founder of GMT Legal, pointed out that exchanges will face the most practical questions following the law's adoption. Unlike depositories, brokers, managers, and exchanges, many crypto exchanges have previously operated without a specific legal framework, placing them in a gray area.
Key issues identified by Tugarin include the registration process with the Central Bank, interactions with international frameworks, cryptocurrency storage, and sanctions risks. He believes that the unification of exchanges should provide a platform for addressing these concerns and facilitating communication with the Bank of Russia.
The law introduces a transitional period lasting until July 1, 2027. During this time, market participants are expected to obtain the necessary permits and align their operations with the new regulations.
Previously, ForkLog engaged with legal experts and market participants to discuss contentious aspects of the draft law. For insights on why Bitcoin wallet keys will need to be shared with digital depositories and how the government plans to monitor every cryptocurrency transaction within the country, refer to the detailed article.