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

BlockBeats News, April 14th. According to DL News, the Kremlin hopes to understand the demographic involved in cryptocurrency transactions in Russia.

The Central Bank of Russia hopes to prohibit users from withdrawing crypto assets from wallets operated by domestic companies if the users have not completed identity verification. As part of a package of crypto regulatory measures set to take effect in July, the central bank also aims to mandate domestic exchanges to implement KYC measures to achieve de-anonymization of cryptocurrency transactions in Russia.

Furthermore, the regulators also want to know about the crypto assets held abroad by the country's citizens. Vladimir Chistyukhin, First Deputy Chairman of the Bank, stated in an interview: "No one is trying to stop Russian individuals or legal entities from continuing to hold cryptocurrency in wallets abroad. Our only basic requirement is that they must declare these assets to the Federal Tax Service."