Russia Tightens Crypto Regulations: Central Bank Bans Self-Custody Withdrawals
Key Summary
Russia has banned individuals from withdrawing Bitcoin from regulated accounts and into non-custodial wallets, a move aimed at centralizing the crypto market and limiting self-custody. This is the latest in a series of regulatory actions by Russia, which has also planned to ban direct peer-to-peer cryptocurrency transactions between individuals starting July 1, 2027.
Background
Russia has been tightening its crypto regulations in recent months, with a focus on centralizing the market and limiting self-custody.
Key Developments
The Russian central bank has banned individuals from moving Bitcoin out of regulated accounts and into non-custodial wallets.
This move is expected to have a significant impact on the Russian crypto market, with potential implications for investors and users of self-custody wallets.
Conclusion
The ban on self-custody withdrawals is the latest in a series of regulatory actions by Russia, which has also planned to ban direct peer-to-peer cryptocurrency transactions between individuals starting July 1, 2027.