The Russian Central Bank requires cryptocurrency traders to undergo identity verification and report overseas holdings.

Techub News reports, according to DL News, the Russian central bank plans to require all cryptocurrency traders to undergo identity verification and promote the comprehensive implementation of KYC protocols on domestic exchanges to de-anonymize cryptocurrency transactions within the country. The relevant 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 regulations will also prohibit users from directly transferring assets from Russian-hosted wallets to overseas non-custodial wallets; all transfers must be conducted through official cryptocurrency storage and exchanges. The central bank stated it will not confiscate citizens' crypto assets but emphasized strengthening supervision over non-custodial wallets to comply with anti-money laundering and KYC requirements. Additionally, Russia plans to launch a blockchain-based digital ruble to enhance economic transparency and curb capital outflows.