The Central Bank of Russia is attempting to require all cryptocurrency traders to undergo identity verification.

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ME News Report, April 15 (UTC+8), the Kremlin wants to understand the demographics of people engaging in cryptocurrency trading in Russia. The Central Bank of Russia aims to prohibit users from withdrawing crypto assets if they haven’t completed identity verification in wallets operated by domestic companies. As part of a package of crypto regulatory measures set to take effect in July, the central bank also plans to enforce KYC mechanisms on domestic trading platforms to achieve de-anonymization of Russian crypto transactions. Additionally, regulators want to monitor the crypto assets held by Russian citizens abroad. Vladimir Chistyukhin, the first deputy governor of the bank, stated in an interview: “No one is trying to prevent Russian individuals or legal entities from continuing to hold cryptocurrencies in overseas wallets. Our only fundamental requirement is that they must report these assets to the Federal Tax Service.” (Source: ChainCatcher)

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