Russian Bankers Suggest Criminalizing Crypto Storage in Non-Custodial Wallets – Bitcoin News

Keeping cryptocurrencies in non-custodial wallets may be criminalized in Russia, if authorities accept a proposal from the trade association representing Russian banks.

ABR’s initial proposal, made with the advisory assistance of the Russian Ministry of Internal Affairs, was to criminalize the undeclared storing of cryptocurrency in such wallets.

Besides preventing capital outflow through crypto, the bankers say their approach would help to create “a closed circuit for the circulation of cryptocurrencies” in Russia.

In mid-April, the ABR sent its regulatory concept to the Central Bank of Russia, the Ministry of Finance, and Rosfinmonitoring, Russia’s financial watchdog.

Meanwhile, the idea has been met with criticism from lawmakers and representatives of the crypto industry in the expert council at the parliamentary working group tasked to develop comprehensive crypto regulations.

Experts interviewed by Izvestia were also skeptical.

Criminalizing non-custodial wallets is “fundamentally wrong,” thinks Maxim Bashkatov, head of the Legal Development Department of the Center for Strategic Research.

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