RAKIB Launches Council to Prepare Crypto Market for Self-Regulation Ahead of Russian Government Regulations
The Russian Association of Crypto-Economics, Artificial Intelligence, and Blockchain (RAKIB) has launched a new council to prepare the cryptocurrency market for self-regulation.
The RAKIB Council for Financial Institutions Development aims to unite professional participants in the crypto market in Russia and establish a future self-regulatory organization for cryptocurrency operators.
This move comes as the Russian government is set to introduce new regulations on digital currencies, with the Federal Law of the Russian Federation 'On Digital Currencies and Digital Rights' taking effect from September 1, 2026.
The law identifies five groups of regulated organizations: exchanges, brokers, management companies, depositaries, and exchange offices. A transitional period until July 1, 2027, is provided for market participants to undergo licensing and align their operations with the new requirements.