On October 29, the Central Bank of Russia approved the National Association of Securities Market Participants (NAUFOR) as the country's first self-regulatory organization for cryptocurrency exchanges and digital custodians. Under Russia's new cryptocurrency laws, all crypto companies registered with the central bank must join a self-regulatory organization within 90 days. Currently, 23 crypto exchanges and 8 digital custodians, including VTB and Sberbank, are registered with the central bank. NAUFOR will help develop standards for the digital asset market and advocate for rule changes by the central bank. Non-qualified retail investors are capped at purchasing 300,000 rubles (approximately $3,800) worth of cryptocurrencies annually through a single intermediary.