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On April 15th, the Central Bank of Russia announced plans to require all cryptocurrency traders to complete identity verification (KYC) and restrict unverified users from withdrawing crypto assets from domestic platforms to strengthen regulation of the local crypto market.
According to the proposed rules, Russia will require domestic exchanges to fully implement real-name systems and prohibit users from transferring funds from domestic custodial wallets to overseas non-custodial wallets. Additionally, regulators also plan to require residents to declare their overseas crypto holdings to enhance monitoring of capital outflows.
Vladimir Chistyukhin, Deputy Chairman of the Central Bank, stated that the new regulations will not ban individuals from holding or using cryptocurrencies, but will focus on increasing transparency and compliance to prevent money laundering risks.
The policy is expected to be implemented alongside a new round of crypto regulation laws in July this year. Analysts believe this move reflects Russia’s attempt, under economic pressure, to control capital flows by strengthening crypto regulations.