Russia Finalizes Bill Restricting Personal Crypto Wallets

Russia has made significant changes to its cryptocurrency regulations, finalizing a bill that prohibits individual investors from using non-custodial wallets.

The new legislation requires all individuals and institutions in Russia to trade cryptocurrencies exclusively through central bank-licensed exchanges and intermediaries starting July 1. This marks a shift towards centralized control of digital assets.

The ban on non-custodial wallets removes an essential aspect of cryptocurrency appeal, which is self-custody and financial sovereignty. Russian investors will now have to rely on licensed intermediaries, subjecting them to central bank oversight, reporting requirements, and potential transaction limits.