Russia Introduces New Guidelines for Cryptocurrency Regulation

The Central Bank of Russia has released updated guidelines for the regulation of cryptocurrencies, including restrictions on exchanging cryptocurrencies for cash and requirements for storing digital assets.

According to the new rules, Russians will no longer be able to exchange cryptocurrencies for cash in order to enhance control over financial flows and prevent illicit transactions. Instead, cryptocurrency holders will be required to declare their assets through tax authorities.

The updated guidelines also introduce stricter regulations for withdrawing assets from official Russian exchanges and cryptocurrency depositories. Only transfers to custodial wallets with mandatory client identification are allowed.