The Central Bank of Russia plans to require citizens to declare their holdings of overseas cryptocurrency assets

The Central Bank of Russia stated that it plans to require its citizens to declare their cryptocurrency assets held overseas after the new round of cryptocurrency regulatory rules comes into effect.

Vladimir Chistyukhin, the First Deputy Governor of the Central Bank of Russia, pointed out that the new regulations will strengthen KYC requirements for exchanges to enhance transaction transparency. He also emphasized that regulation does not prohibit individuals or institutions from holding cryptocurrency assets in overseas wallets, but they must declare them to the federal tax authority. This measure is expected to come into effect in July along with the relevant regulatory framework.