TechFlow News, April 15: According to DL News, the Central Bank of Russia plans to require all cryptocurrency traders to undergo identity verification and push domestic exchanges to fully implement “Know Your Customer” (KYC) protocols to de-anonymize cryptocurrency transactions within the country. The related regulations are expected to take effect in July this year. The central bank also requires Russian citizens to declare their cryptocurrency assets held in overseas wallets to the Federal Tax Service.
The new rules will also prohibit users from directly transferring assets from Russian custodial wallets to overseas non-custodial wallets; all transfers must be conducted via official cryptocurrency custodians and exchanges. The central bank stated it will not confiscate citizens’ cryptocurrency assets but emphasized enhanced regulation of non-custodial wallets to comply with anti-money laundering (AML) and KYC requirements. Additionally, Russia plans to launch a blockchain-based digital ruble to enhance economic transparency and curb capital flight.
