The National Association of Securities Market Participants, known as NAUFOR, has won self-regulatory organization status for digital depositories and crypto exchanges. The Central Bank of Russia made the decision on October 29, according to Interfax.

The move turns a law into a working system. Russia’s framework, “On Digital Currency and Digital Rights,” passed the State Duma in July. It requires exchange operators and depositories to sit in central bank registries, and it requires them to join an SRO. 

Interfax reports that the registry lists 23 crypto exchanges and eight digital depositories, including VTB, Sberbank, and units of T-Technologies, the holding company behind T-Bank. Firms on those registries have 90 days to join an SRO. In short, an SRO writes industry standards, monitors members, and represents the industry to regulators.

NAUFOR says it will help shape standards for digital asset markets and push the central bank on rule changes. Earlier in October, it received the same status for information system operators. The association has operated since 1996 and counts 725 members, including brokers, dealers, and fund managers from traditional markets.

JUST IN: Russia's central bank approved NAUFOR as a self-regulatory body for crypto exchanges and custodians.

Russia's new crypto law requires all registered crypto firms to join a self-regulatory organization within the next 90 days. pic.twitter.com/pchpFYg6KP

Traditional finance built NAUFOR’s model for stocks and bonds. Placing the same body over bitcoin exchanges and custody gives the state a familiar hand on the wheel. 

Bitcoin Magazine reported in July that the law stops bitcoin from becoming money for everyday purchases.

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