Bank of Russia Requires Declaration of Overseas Crypto Asset Holdings

On April 15, the Bank of Russia announced plans to require its citizens to declare their holdings of crypto assets abroad following the implementation of a new round of crypto regulation rules. Vladimir Chistyukhin, First Deputy Governor of the Bank of Russia, noted that the new regulations will strengthen KYC requirements for trading platforms to enhance transaction transparency. He emphasized that the regulations do not prohibit individuals or institutions from holding crypto assets in overseas wallets, but they must declare these holdings to the Federal Tax Service. This measure is expected to take effect in July along with the related regulatory framework.