Russia's Ministry of Finance plans to restrict the use of non-custodial crypto wallets, limiting access to a select number of legal entities, according to Deputy Finance Minister Ivan Chebeskov. Retail investors will not be permitted to use these wallets, despite market participants' calls for a legal framework allowing both custodial and non-custodial wallets. The Ministry will not ban holding cryptocurrency in non-custodial wallets, but withdrawals from Russian exchanges must go to verified custodial wallets. The Russian government's cryptocurrency bill, which has passed its first reading in the State Duma, may introduce additional transaction fees for certain cryptocurrencies like USDT to discourage their use. Chebeskov mentioned the possibility of experimental legislative pilot programs following the law's implementation.
Russia to Restrict Non-Custodial Crypto Wallets for Retail Investors
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