RAKIB Launches Council to Guide Russia's Cryptocurrency Market

The Russian Association of Crypto Economy, Artificial Intelligence, and Blockchain (RAKIB) has launched a new council to develop financial institutions in the cryptocurrency turnover market.

The Council for the Development of Financial Institutions aims to unite professional participants in the crypto market and prepare a future self-regulatory organization (SRO) for cryptocurrency operators.

Russia is introducing new rules for the cryptocurrency sector, with the Federal Law on Digital Currencies and Digital Rights coming into effect on September 1, 2026. The law identifies five groups of regulated organizations: exchanges, brokers, management companies, depositories, and exchangers.

The council will focus on developing industry standards, establishing rules of business ethics, and proposing solutions that take into account real processes in the market. It will also provide legal expertise, evaluate draft laws and by-laws related to digital currencies, and establish working relationships with relevant agencies.