NAUFOR Forms Digital Asset Council To Set Russia's Crypto Market

Russian securities regulators form a digital asset board. (Photo; Doc. BTCAcademy)

JAKARTA - The National Association of Share Market Participants (NAUFOR), which is Russia's largest securities and banking regulatory organization, has formed a Digital Asset Council. The board aims to regulate the digital asset market in Russia, which is still in its developmental stages.

The council was formed by the Board of Directors of NAUFOR on January 30, 2024, based on reports from the RBC media and an official announcement from NAUFOR. The board consists of representatives of 647 banks and licensed securities providers who are members of NAUFOR, including major banks such as Sberbank and VTB, as well as asset management companies such as Ingosstrak-Investments.

The Digital Asset Council will be responsible for discussing regulatory issues related to the issuance and circulation of digital assets, such as bitcoin, ethereum, and others. The board will also be a forum for interacting between digital asset providers and securities market players, as well as submitting proposals to authorized authorities.

NAUFOR chairman Alexey Timofeev said that the digital asset market in Russia is developing in stages, and requires regulatory decisions that support its growth as part of the financial market. He also said that NAUFOR has the experience and competencies needed to regulate the digital asset market.

NAUFOR's First Vice President, Ekaterina Andreeva, was appointed chairman of the Digital Asset Council. He said that the board would accept proposals from companies interested in collaborating with NAUFOR in terms of digital assets. He also said that the board would coordinate with other self-organization organizations, such as the Russian Financial Market Association (ARFIN).

The establishment of the Digital Asset Council by NAUFOR shows that Russia's financial sector is starting to recognize the potential and challenges of digital assets. This is also in line with the Russian government's efforts to provide a legal framework for the crypto market, which is expected to be completed by 2024.