The Central Bank of Russia is attempting to push for mandatory identity verification for all cryptocurrency traders

April 14th — According to DL News, the Kremlin wants to understand the demographic of participants in cryptocurrency transactions in Russia. The Central Bank of Russia plans to bar users from withdrawing crypto assets from wallets operated by local firms if they haven’t completed identity verification. As part of a set of crypto regulatory rules taking effect in July, the central bank also aims to require local exchanges to adopt KYC measures to remove anonymity from cryptocurrency transactions in the country. Additionally, regulators are seeking details about Russian citizens’ crypto holdings overseas. Vladimir Chistyukhin, First Deputy Chairman of the Central Bank, said in an interview: “No one is trying to stop Russian individuals or legal entities from continuing to hold cryptocurrency in overseas wallets. Our only core requirement is that they must declare these assets to the Federal Tax Service.”