Russian Banks Move to Establish Industry Group for the Digital Currency Market
The Association of Banks of Russia has launched an initiative to create a professional association for participants in the digital currency market. The organization is expected to seek self-regulatory organization status as Russia's new digital currency legislation takes effect.
The initiative coincides with the entry into force of the law On Digital Currencies and Digital Rights, which establishes the legal framework for digital currency exchanges and custodians. The new association is being formed within the Association's Expert Center, which has operated since 2022 and has held more than 50 meetings involving banks and other industry organizations.
Its agenda will include digital compliance, custodial asset storage, technical requirements for blockchain nodes, localization of technology solutions in Russia to meet the requirements of the FSB (Federal Security Service) and FSTEC (Federal Service for Technical and Export Control), as well as data sharing under the Travel Rule.
Systemically important banks, state corporations, and participants in Russia's experimental legal regimes have confirmed their participation.
