Bank of Russia: Restrictions on the Use of Non-Custodial Crypto Wallets Do Not Apply to International Settlements

TechFlow reported on October 29 that, citing TASS, First Deputy Chair of the Bank of Russia Vladimir Chistyukhin said restrictions on the use of non-custodial wallets in Russia's proposed cryptocurrency bill do not apply to international settlements, and non-custodial wallets remain permitted in such scenarios.

Chistyukhin noted that during the legislative process, the possibility of Russian investors using non-custodial wallets was discussed, and the final decision was to prohibit investors from using such wallets directly for investment in order to reduce anti-money laundering risks and strengthen regulation. He added that users can still transfer crypto assets from custodial wallets within Russia to custodial wallets on foreign infrastructure, and then to non-custodial wallets.

Source: TechFlow