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

ME News, on April 15 (UTC+8), the Russian Central Bank said it is seeking to require all cryptocurrency traders to complete identity verification (KYC) and to restrict unverified users from withdrawing crypto assets from domestic platforms, in order to strengthen oversight of the domestic cryptocurrency market. Under the proposed rules, Russia would require domestic exchanges to fully implement real-name registration and ban 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 cryptocurrency holdings to enhance monitoring of capital outflows. Vladimir Chistyukhin, Deputy Governor of the Central Bank, said the new rules would not ban individuals from holding or using cryptocurrency assets, but instead focus on improving transparency and compliance to mitigate money-laundering risks. The policy is expected to take effect in July this year, alongside a new round of cryptocurrency regulatory legislation. Analysts believe the move reflects Russia’s attempt, amid economic pressure, to control capital flows by strengthening cryptocurrency regulation. (Source: ODAILY)