- Russia says crypto investors may bear losses if a foreign issuer blocks their assets for reasons beyond the control of a Russian digital depository.
- The warning comes as Russia builds its regulated crypto market, with officials estimating around $44 billion in crypto holdings among Russian users.
Russian cryptocurrency investors will have to “bear the losses” if foreign stablecoin issuers freeze their assets for reasons outside the control of Russian digital asset depositories, Deputy Finance Minister Ivan Chebeskov said as the country moves ahead with its new crypto market framework.
The warning mainly concerns foreign-issued stablecoins such as Tether’s USDT and Circle’s USDC, whose issuers can restrict specific addresses under certain legal or regulatory circumstances. Chebeskov said a Russian digital depository would be responsible for problems within its own custody, accounting or transfer operations, but would not automatically compensate investors for restrictions imposed by a foreign issuer.
The issue is significant given the size of Russia’s crypto market. Chebeskov said about 20 million Russians use cryptocurrencies, while their combined holdings are estimated at around 3.7 trillion rubles, or roughly $44 billion. He also put the country’s average daily crypto transaction volume at about 50 billion rubles, equivalent to nearly $600 million. The estimate includes direct crypto holdings as well as some crypto-linked financial products.
Russia Tightens Rules Around Crypto Activity
The warning comes as Russia’s new cryptocurrency law took effect on September 1, establishing a framework for licensed exchanges, brokers and digital depositories. The government is now working on the secondary rules needed to fully operate the market.
Russian tax residents will also have to report qualifying crypto transactions conducted outside the domestic regulated infrastructure to the Federal Tax Service. The reporting requirement is scheduled to apply from 2027, while the new framework continues to distinguish between qualified and nonqualified investors. Nonqualified investors face an annual purchase limit of 300,000 rubles per intermediary for eligible cryptocurrencies after required testing.
The latest warning comes as Russia expands regulated access to crypto-linked financial products. On September 22, Moscow Exchange launched perpetual futures linked to Bitcoin, Ether, Solana, XRP and TRON indexes. The contracts are cash-settled in rubles, quoted in U.S. dollars and available only to qualified investors. First-day Bitcoin perpetual futures volume was reported at about $1.3 million.
Separately, the Bank of Russia is preparing additional rules for banks’ cryptocurrency exposure. On September 21, Bank of Russia First Deputy Governor Vladimir Chistyukhin said Russia could see new licensed crypto-market participants before the end of 2026. He said regulators are working through 27 subordinate regulatory acts, with a plan for the necessary second-tier rules to be adopted by the end of October.
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