Russia's central bank plans to mandate KYC for all crypto traders

Russia's central bank plans to mandate Know Your Customer (KYC) procedures for all cryptocurrency traders. The move is part of a broader cryptocurrency regulation set to take effect in July, DL News reported. Under the proposed rules, the central bank is considering making KYC procedures mandatory for domestic exchanges. This would block users who have not completed KYC from withdrawing cryptocurrency using wallets operated by Russian companies. The bank explained that the measure is designed to ensure transparency in the country's crypto transactions and help mitigate risks.