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Keeping cryptocurrencies in non-custodial wallets may be criminalized in Russia, if authorities accept a proposal from the trade association representing Russian banks. A group supposedly representing the interest of Russian banks has proposed a crypto-related bill to Russian authorities. The group wants the Russian The framework, which was created in collaboration with the Ministry of Internal Affairs, aims to make it illegal to store crypto assets on noncustodial wallets. Developed collaboratively with the Ministry of Internal Affairs, the framework proposes to impose criminal responsibility for keeping cryptocurrencies like Bitcoin (BTC) on The Association of Banks of Russia, an organization including more than 300 Russian banks and financial institutions, has called on lawmakers to criminalize storing crypto According to a Monday report by the local news agency Izvestia, the Association of Banks of Russia has reportedly proposed that lawmakers criminalize self The Association of Banks of Russia (ADB), consisting of over 300 Russian banks and financial institutions, has sought to criminalize those storing crypto outside

Russian Banking Association Seeks to Criminalize Non-Custodial Wallet Holdings

Keeping cryptocurrencies in non-custodial wallets may soon be a criminal offense in Russia. The Association of Banks of Russia (ADB), an organization including more than 300 Russian banks and financial institutions, has called on lawmakers to criminalize storing crypto outside of regulated exchanges and custodial solutions. This controversial proposal, reported by Izvestia, signals a significant shift in Russia's approach to cryptocurrency regulation.

According to the report, a group supposedly representing the interest of Russian banks has proposed a crypto-related bill to Russian authorities. The Association of Banks of Russia has reportedly proposed that lawmakers criminalize self-custody of cryptocurrencies.

The framework, developed collaboratively with the Ministry of Internal Affairs, aims to make it illegal to store crypto assets on noncustodial wallets. This means that individuals holding Bitcoin (BTC) or other cryptocurrencies in their own wallets, where they control their private keys, could face criminal charges. The framework proposes to impose criminal responsibility for keeping cryptocurrencies like Bitcoin (BTC) on self-custodial wallets.

The Association of Banks of Russia's (ADB) proposal to criminalize non-custodial wallet holdings has sparked considerable debate within the crypto community. Critics argue that such a measure would infringe upon fundamental rights to privacy and financial autonomy. Proponents, likely within the banking sector, believe it's necessary to combat money laundering and other illicit activities associated with cryptocurrency. This initiative, created in collaboration with the Ministry of Internal Affairs, highlights the growing tension between traditional financial institutions and the decentralized world of cryptocurrency in Russia. The Association of Banks of Russia seeks to severely limit options for self-custody.

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