The Central Bank of Russia plans to require citizens to report their holdings of overseas cryptocurrency assets.

Mars Finance reports that the Central Bank of Russia said it plans to require its citizens to declare the crypto assets they hold overseas after the new round of cryptocurrency regulatory rules takes effect. Vladimir Chistyukhin, the First Deputy Governor of the Central Bank of Russia, noted that the new rules will strengthen exchanges’ KYC requirements to enhance transaction transparency. He also emphasized that the regulation does not prohibit individuals or institutions from holding crypto assets in overseas wallets, but they must report them to the Federal Tax Service. The measure is expected to take effect in July along with the relevant regulatory framework.

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