Russia's Central Bank Weighs Mandatory KYC for Crypto Trading, Tightens Controls on Cross-Border Transfers

Russia's central bank is preparing rules that would require all cryptocurrency traders to complete identity checks (KYC), while blocking users who fail verification from withdrawing crypto assets from domestic platforms, ME News reported on April 15 (UTC+8). Under the proposal, domestic exchanges would be required to fully adopt real-name registration. Users would also be barred from transferring funds from domestic custodial wallets to overseas noncustodial wallets. Regulators are also considering a requirement for residents to declare crypto assets held overseas, aimed at strengthening oversight of capital outflows. Deputy Governor Vladimir Chistyukhin said the measures would not prohibit individuals from holding or using crypto assets, but would prioritize transparency and compliance to reduce money-laundering risks. The package is expected to take effect in July alongside a new round of cryptocurrency regulatory legislation. Analysts see the move as part of Russia's broader effort to manage capital flows amid economic pressure by tightening crypto regulation. (Source: ODAILY)