The Central Bank of Russia is attempting to require all cryptocurrency traders to undergo identity verification checks

ME News reports that on April 15 (UTC+8), the Kremlin wants to understand the demographic profile of people trading cryptocurrencies in Russia. The Central Bank of Russia hopes that, in the wallets used to operate within the country by domestic companies, withdrawals of crypto assets will be prohibited if users have not completed identity verification. As part of a package of comprehensive crypto regulatory measures scheduled to take effect in July, the central bank also wants to require domestic trading platforms to implement KYC mechanisms in order to de-anonymize Russian crypto transactions. In addition, regulators want to be able to track the crypto assets held by the country’s citizens abroad. Vladimir Chistyukhin, the first deputy governor of the bank, said in an interview: “No one is trying to prevent Russian individuals or legal entities from continuing to hold cryptocurrencies in overseas wallets. Our only fundamental requirement is that they must report these assets to the Federal Tax Service.” (Source: ChainCatcher)