Russia to ban personal non-custodial crypto wallets

Russia's Ministry of Finance has finalized a regulatory bill that maintains a ban on the use of non-custodial cryptocurrency wallets by individuals, local media outlet Bits reported. The final version of the bill, set to be announced next week, makes an exception for participants in foreign economic activities, such as importers. Under the proposed law, ordinary individual investors would only be permitted to trade cryptocurrencies through intermediaries licensed by the Russian central bank. The move comes despite opposition from the State Duma's financial market committee, which had argued against the central bank's push to prohibit personal wallets. If the bill is enacted, all individuals and institutions in Russia will be required to trade cryptocurrencies exclusively through central bank-licensed exchanges and intermediaries starting July 1.