According to Odaily Odaily, the Central Bank of Russia plans to require all cryptocurrency traders to complete Know Your Customer (KYC) verification and restrict unregistered users from withdrawing cryptocurrency assets from domestic platforms in order to strengthen regulation of the domestic cryptocurrency market.
Under the proposed rules, Russia will require domestic exchanges to fully implement real-name registration and prohibit users from transferring funds from domestic custodial wallets to overseas non-custodial wallets. Simultaneously, regulators plan to require residents to declare their overseas cryptocurrency holdings to strengthen monitoring of capital outflows.
Central Bank Deputy Governor Vladimir Chistyukhin stated that the new regulations will not prohibit individuals from holding or using crypto assets, but the focus is on improving transparency and compliance to prevent money laundering risks.
The policy is expected to be implemented in July this year along with a new round of crypto regulatory legislation. Analysts believe this move reflects Russia's attempt to control capital flows by strengthening crypto regulations amid economic pressure. (DL News)
