The Russian Central Bank plans to mandate KYC (Know Your Customer) procedures for all cryptocurrency traders. According to DL News, the Russian Central Bank is considering making KYC procedures mandatory for domestic exchanges as part of cryptocurrency regulations set to take effect in July. Consequently, cryptocurrency withdrawals using wallets operated by Russian domestic companies will be blocked for users who have not completed the KYC procedure. This measure is intended to ensure transparency in Russian cryptocurrency transactions and is explained as being helpful in risk aversion.
