The Central Bank of Russia has proposed new regulations requiring identity verification for cryptocurrency transactions within the country. Set to take effect in July, these rules aim to prevent the withdrawal of crypto assets from wallets operated by domestic businesses unless users complete Know Your Customer (KYC) procedures. The initiative is part of a broader regulatory package designed to de-anonymize crypto transactions in Russia. Additionally, the regulations will require domestic trading platforms to implement KYC measures and mandate Russian citizens to report their overseas cryptocurrency holdings to the Federal Tax Service. First Deputy Governor Vladimir Chistyukhin emphasized that while Russians can continue holding crypto in foreign wallets, they must disclose these assets to tax authorities.