Svmuu News The Russian Central Bank has stated that it intends to require all cryptocurrency traders to complete identity verification (KYC) and restrict users who have not undergone real-name verification from withdrawing crypto assets from domestic platforms, in order to strengthen regulation of the domestic cryptocurrency market.
According to the proposed rules, Russia will require domestic exchanges to fully implement a real-name system and prohibit users from transferring funds from domestic custodial wallets to overseas non-custodial wallets. Simultaneously, regulatory authorities also plan to require residents to declare their overseas crypto asset holdings to enhance 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 alongside a new round of crypto regulatory legislation. Analysis suggests that this move reflects Russia's attempt to control capital flows by strengthening crypto regulation amid economic pressure. (DL News)