Russia's Central Bank Proposes KYC Requirements for Crypto Transactions

KuCoinFlash

Release Time: 04/14/2026 16:05:42

Summary

Russia’s Central Bank is enforcing KYC (Know Your Customer) requirements for all cryptocurrency transactions, with a regulatory package set to take effect in July. The rules will block crypto withdrawals from domestic wallets without identity verification. Local exchanges must also implement KYC procedures to reduce anonymity. The regulator aims to monitor Russian citizens’ offshore cryptocurrency holdings. Vladimir Chistyukhin stated that individuals must report foreign crypto assets to the tax authority. Licensing requirements for service providers will also be included in the new framework.

BlockBeats news, on April 14, according to DL News, the Kremlin seeks to understand the population engaged in cryptocurrency trading in Russia.

The Central Bank of Russia aims to prohibit the withdrawal of crypto assets from wallets operated by domestic businesses if users have not completed identity verification. As part of a broader package of crypto regulations set to take effect in July, the bank also seeks to mandate domestic trading platforms to implement KYC procedures to de-anonymize Russian crypto transactions.

In addition, regulators also seek to understand the cryptocurrency assets held by domestic citizens abroad. First Deputy Governor Vladimir Chistyukhin stated in an interview: “No one is trying to prevent Russian individuals or legal entities from continuing to hold cryptocurrency in overseas wallets. Our only fundamental requirement is that they must report these assets to the Federal Tax Service.”

Source:Show original

Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information. Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.