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

ME News Report, April 15 (UTC+8), the Russian Central Bank announced that it plans to require all cryptocurrency traders to complete identity verification (KYC) and restrict unverified users from withdrawing crypto assets from domestic platforms to strengthen regulation of the domestic crypto market. According to the proposed rules, Russia will require domestic exchanges to fully implement real-name systems and 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 holdings to enhance monitoring of capital outflows. Deputy Governor Vladimir Chistyukhin stated that the new regulations will not ban individuals from holding or using crypto assets, but the focus is on increasing transparency and compliance to prevent money laundering risks. The policy is expected to be implemented along with a new round of crypto regulation legislation in July this year. Analysts believe this move reflects Russia’s attempt, under economic pressure, to control capital flows by strengthening crypto regulation. (Source: ODAILY)