The Central Bank of Russia plans to enforce real-name registration for crypto transactions, fully strengthening oversight of fund flows.

ME News, April 15 (UTC+8): The Bank of Russia said it plans to require all cryptocurrency traders to complete identity verification (KYC) and to restrict unverified users from withdrawing crypto assets from domestic platforms to strengthen oversight of the domestic crypto market. Under the proposed rules, Russia will require domestic exchanges to fully implement real-name systems and will prohibit users from transferring funds from domestic custodial wallets to overseas non-custodial wallets. At the same time, regulators also plan to require residents to declare their overseas crypto asset holdings to enhance monitoring of capital outflows. Vladimir Chistyukhin, Deputy Governor of the central bank, said the new rules will not ban individuals from holding or using crypto assets, but rather focus on improving transparency and compliance to mitigate money laundering risks. The policy is expected to take effect this July alongside a new round of crypto regulatory legislation. Analysts believe this move reflects Russia’s attempt to control capital flows through stronger crypto regulation amid economic pressure. (Source: ODAYL)