Vladimir Chistyukhin: The Central Bank of Russia plans to introduce a 48-hour fund freezing cooling-off period for crypto transactions

According to Bits.media, Vladimir Chistyukhin, First Deputy Governor of the Central Bank of Russia, stated that a proposed crypto regulatory bill will introduce a 48-hour cooling-off period for legitimate crypto transactions. After a transfer, funds will be mandatorily frozen for 48 hours, applying only to transfers between accounts and excluding crypto brokerage services. This measure intends to protect non-professional investors from fraud. The relevant provisions have been included in the crypto market regulation bill, which was originally planned to come into effect on July 1, but its second and third readings have been postponed and it is now expected to take effect on September 1. Vladimir Chistyukhin said the Central Bank of Russia is currently discussing rules for Belarusian crypto companies entering the Russian market.