Russia sets crypto reporting rules as holdings hit $44B

Russia has warned that investors may have to absorb losses when foreign stablecoin issuers freeze assets outside a Russian depository’s control, as officials estimate residents hold 3.7 trillion rubles, or roughly $44 billion, in crypto and related products. Summary Russia estimates roughly 20 million crypto users collectively hold 3.7 trillion rubles in digital assets. Daily Russian crypto transactions total about 50 billion rubles, according to Deputy Finance Minister Chebeskov. Investors may bear losses when foreign stablecoin issuers freeze assets beyond direct Russian depositories’ control. Russian tax residents must report qualifying crypto activity conducted outside domestic regulated infrastructure beginning 2027. Nonqualified investors face a 300,000-ruble annual purchase cap through each intermediary after mandatory testing requirements. TASS reported that Deputy Finance Minister Ivan Chebeskov put Russia’s crypto user base at around 20 million and daily transaction volume at approximately 50 billion rubles during an interview published Sept. 22. He said the holdings estimate includes direct cryptocurrency ownership and some financial products linked to digital assets. The figures are expert estimates used by the Finance Ministry, not a complete government count of every wallet or transaction. Officials expect the new regulated framework to provide more precise data as activity moves through licensed exchanges, brokers and digital depositories. You might also like: Bank of Russia sets 1% crypto risk limit under draft rules Foreign stablecoin freezes can leave investors with losses Chebeskov said foreign-issued stablecoins create a risk that Russian infrastructure cannot always control. “The risk of assets being blocked by a foreign issuer does exist,” he said, using USDT and USDC as examples. Under the framework described by the deputy minister, a Russian digital depository remains responsible for failures in its own accounting, custody and transfer duties, including unauthorized disposal of customer assets. Russia Says Investors Will Bear Losses From Foreign Stablecoin Freezes; Crypto Holdings Reach $44B According to TASS, Russia has around 20 million crypto users with total holdings estimated at RUB 3.7 trillion ($44 billion), while daily crypto transaction volume stands at… pic.twitter.com/hWHug3Accx — Wu Blockchain (@WuBlockchain) September 23, 2026 Federal Law No. 282-FZ draws a separate line for actions carried out by foreign entities. Article 20 permits contracts, including exchange rules, to state that market operators, platform operators and clearing organizations are not liable for customer losses caused by foreign-law persons that seize digital assets or restrict transactions. Chebeskov said a freeze imposed by a foreign issuer for reasons outside the Russian depository’s control would therefore not automatically require the depository to reimburse the customer. The issue has already appeared in Russia’s crypto market. Tether said in March 2025 that it helped the U.S. Secret Service freeze $23 million in USDT connected to transactions involving sanctioned Russian exchange Garantex. U.S.