PANews reported on April 15th, citing DL News, that the First Deputy Governor of the Central Bank of Russia stated that the central bank plans to require all cryptocurrency traders to complete identity verification. Under the cryptocurrency regulatory plan set to take effect in July, the Central Bank of Russia aims to mandate the use of KYC protocols by domestic exchanges to deanonymize Russian cryptocurrency transactions. The central bank will require citizens to declare their overseas cryptocurrency holdings to the Federal Tax Service, but will not prevent citizens from continuing to hold cryptocurrencies in overseas wallets. The central bank plans to prohibit the transfer of funds from Russian custodial wallets to overseas non-custodial wallets; all funds must first be transferred to officially recognized Russian cryptocurrency depositories and exchanges, which will be legally required to verify customer identities. The central bank stated that it will not confiscate citizens' cryptocurrency assets, nor will it impose penalties for holding them. The central bank believes that non-custodial wallets are difficult to control in accordance with anti-money laundering and KYC rules.