The Russian crypto market continues to institutionalize. In Moscow, a congress of the "Association of Organizations Engaged in Digital Currency Exchange" (AOCVE) was held, which aims to become one of the first self-regulatory organizations (SROs) in this sphere. This event is an important marker that the industry is beginning to build a dialogue with the regulator, rather than simply awaiting directives from above.

Founded in 2026 in response to the introduction of digital currency regulation in Russia, the AOCVE positions itself as a platform for consolidating the interests of exchangers. Judging by its stated goals, the association is already formulating recommendations for market participants, maintaining a register of members, and developing the foundation for future standards and a control system. In essence, this is an attempt to create "soft" infrastructure before the regulator's stringent requirements take full effect.

Transition period: concerns and requirements

At the congress, key issues centered on operations during the transition period, which will last until June 30, 2027. Some industry representatives expressed concern that the new rules could seriously impact the economics of the exchange business. This is expected: moving from the "gray" zone into a regulated framework always entails costs that will fall on operators.

Let me remind you that to operate in the legal field, crypto exchangers will need to meet three main criteria:

  • Having own capital of at least 15 million rubles;
  • Inclusion in the Bank of Russia register;
  • Mandatory membership in a specialized SRO.

The capital requirement sparks debate, but compared to international counterparts, it appears quite moderate. For example, in the European Union, licensing under the MiCA regulation requires a minimum of €125,000, and total launch costs can reach €500,000. In Kyrgyzstan, the threshold is set at 40 million soms (approximately 42 million rubles). Thus, Russia's threshold of 15 million rubles is even below the global average standards for similar jurisdictions.

Wait-and-see strategy and the role of SROs

Likely, most market participants will not rush to legalize. It is more logical to assume that large financial structures, which already have the resources and expertise to work with digital assets, will be the first to enter the register. Many banks are, in effect, already at the starting line, having experience with cryptocurrency transactions. Other players will probably adopt a wait-and-see stance, observing how the pioneers get off the ground.

The creation of an SRO is a standard and necessary element of the financial ecosystem. The key question is not the mere existence of the association, but its ability to genuinely protect business interests before the Bank of Russia. If the SRO becomes merely an administrative appendage of the regulator, its value to the market will be minimal. Success here directly depends on the ability to build constructive dialogue and find a balance between the interests of the state and business.

In parallel, NAUFOR is also pursuing this process, having announced its intention to obtain SRO status for operators of information systems and crypto exchangers. Documents are planned to be submitted as early as the first half of September. This indicates that the fight for the right to represent the industry will be serious, and the market will have a choice.

My view: the creation of parallel SROs is a positive signal, as competition for membership will force organizations to work more efficiently. However, it is important that the main goal is not lost in this race—creating transparent and workable rules for all participants. Let me remind you that on August 31, the Bank of Russia also announced the start of using the digital ruble, adding another element to the complex picture of the country's financial landscape transformation.