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The Bank of Russia has promised to ban the exchange of cryptocurrencies for cash

It is necessary to abandon the exchange of cryptocurrencies for cash in order to strengthen control over financial flows and prevent questionable transactions, the official assured on RBC radio. According to Chistyukhin, Russians can store cryptocurrencies in personal, so—called non-custodial wallets, but assets in these wallets will have to be declared if the wallet owner expects to conduct legal transactions (if they are illegal, then you can not report? ) . Regardless of the type of wallet (custodial or not), the digital currency will be considered the property of a Russian currency resident — there are no penalties for its presence, says the deputy chairman of the Central Bank.

The rules for withdrawing assets from official Russian exchangers and cryptocurrency depositories will be stricter, the official promised. Russians will only be able to transfer funds to custodial wallets, which require mandatory identification of the client. The Central Bank explained this requirement by saying that it is difficult to control financial transactions in non—custodial wallets. It is "difficult to establish a control mechanism" and identify the user there, Chistyukhin said.

The authorities will allow cryptocurrencies purchased from a legal Russian intermediary to be transferred to international exchanges, such as Binance or Bybit, the deputy chairman of the Central Bank said. The Russian authorities consider such sites to be custodial wallets, he added.

But it will not be possible to send crypto assets from a Russian custodial wallet to a non-custodial wallet abroad, the official explained.

Chistyukhin also mentioned the condition for Russian individuals and legal entities to store cryptocurrencies in foreign wallets: it is mandatory to declare such assets through the tax service.

The deputy chairman of the Central Bank is referring to the package of bills on the regulation of the crypto market, which the Bank of Russia, together with the Ministry of Finance, submitted to the State Duma. The entry into force of these bills is scheduled for July 1. Under the new system, digital depositories will have to keep records of clients' rights to crypto assets, and only licensed crypto exchanges will be able to conduct exchanges. Exchangers and brokers may face fines of up to 1 million rubles for violating the new laws.


The Central Bank of the Russian Federation criminalized crypto exchange without a license

The Central Bank of Russia intends to criminalize activities on the crypto market without a license. The rules will affect exchanges, brokers and exchangers, said Vladimir Chistyukhin, deputy chairman of the regulator, on RBC Radio.

"If a person offers professional services to his clientele related to cryptocurrencies, and he does not have any license [...], then criminal liability may be established," the official said.

Regarding administrative offenses, Chistyukhin clarified that the main burden will be on financial intermediaries. That is, the party that provides the illegal service will be punished.

These regulations are planned to be introduced as part of the draft law "On Digital Currency and Digital Rights." On April 1, the government submitted a document to the State Duma: it prescribes licensing of participants in the crypto market, the introduction of limits for unqualified investors, as well as de-anonymization procedures.

The end of shadow exchange? What will be the new rules for the crypto market in Russia?
You can't use it in cash.
As part of the conversation, Chistyukhin also said that the exchange of cryptocurrencies in the country will be possible only for non-cash money. There are no plans to create a mechanism for the withdrawal of digital assets into cash in Russia.

"We assume that all operations should be carried out by wire transfer. But I mean payment in fiat currency," he stressed.

Answering a question about the "offices in Moscow City," the deputy chairman of the Central Bank said that the authorities want to give the opportunity to legalize the activities of market participants who are now outside the legal field.

According to him, the conditions for obtaining a license for a crypto exchange are "quite simple": small capital, requirements for founders and management, building a system of anti-legalization control and minimal reporting.

You can store it.
Chistyukhin clarified that the bill does not prohibit Russians from storing assets in non-custodial wallets. In the future, they can be declared for legal transactions.

However, it will be possible to withdraw coins from official Russian cryptocurrency depositories and exchangers only to custodial wallets.

"From the point of view of compliance with AML/CFT rules, we want them to be as transparent as possible here, and the Russian infrastructure and Russian intermediaries do not put themselves at risk," he said.

"No one prohibits" individuals and legal entities from continuing to hold digital assets "in foreign wallets," but they must be declared to the tax service, the official recalled.

"All the cryptocurrency that is currently in the possession of Russian individuals, [...] nothing will happen to it. It belonged to a Russian resident, and it will belong to a Russian resident. There is no punishment for its presence, there are no restrictions on its use," Chistyukhin stressed.

In February, the Ministry of Finance, together with the Central Bank and federal executive authorities, developed a concept for tokenizing real-world assets.



Earlier it was reported that an employee of the French tax service provided information about the owners of cryptocurrencies to the attackers.

If you have a crypt abroad, you must inform us, and we will inform the bandits. If you don't inform us, we will take it from you ourselves.

In case you didn't understand what is written above. You're not alone, we didn't get it either.

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