TLDR
- Russia estimates about 20 million residents hold 3.7 trillion rubles, or roughly $44 billion, in crypto and related products.
- Daily crypto transactions in Russia total about 50 billion rubles, according to Deputy Finance Minister Ivan Chebeskov.
- Investors may have to absorb losses if foreign stablecoin issuers like Tether or Circle freeze their assets.
- Starting May 2, 2027, residents must report crypto activity on addresses outside Russia’s regulated system to tax authorities.
- Nonqualified investors face a 300,000-ruble yearly purchase cap through each intermediary after passing a test.
Russia has set out new crypto reporting rules as officials estimate that residents hold about 3.7 trillion rubles, or roughly $44 billion, in digital assets. The figures come from Deputy Finance Minister Ivan Chebeskov.
In an interview published by TASS on Sept. 22, Chebeskov said about 20 million people in Russia use cryptocurrency. He put daily transaction volume at around 50 billion rubles.
The holdings figure includes crypto owned directly and some financial products linked to digital assets. The Finance Ministry says these are expert estimates, not a full count of every wallet or transaction.
Foreign Stablecoin Freezes Could Leave Investors With Losses
Chebeskov warned that investors may have to absorb losses if a foreign stablecoin issuer freezes their assets. He named USDT and USDC as examples.
“The risk of assets being blocked by a foreign issuer does exist,” he said.
Under Federal Law No. 282-FZ, a Russian digital depository is still responsible for failures in its own custody, accounting and transfer duties. However, Article 20 allows contracts to state that operators are not liable for losses caused by foreign parties that seize assets or restrict transactions.
This means a freeze by a foreign issuer would not automatically require a Russian depository to repay the customer.
The risk has already hit Russia’s market. In March 2025, Tether said it helped the U.S. Secret Service freeze $23 million in USDT tied to the sanctioned Russian exchange Garantex. The freeze forced Garantex to suspend operations.
Circle’s terms also allow it to block USDC addresses linked to prohibited activity or when required by a valid government order.
New Reporting Rules and Trading Limits
Russia’s main cryptocurrency law took effect on Sept. 1. Both qualified and nonqualified investors can now trade crypto through regulated intermediaries. Using crypto to pay for goods and services inside Russia remains banned.
Nonqualified investors must pass a test and can buy up to 300,000 rubles of eligible crypto per year through each intermediary. Qualified investors must also pass testing but face no such cap.
Residents can still use crypto addresses outside the domestic system. Starting May 2, 2027, they must report operations involving those addresses to the Federal Tax Service.
The rule does not ban self-custody. Reporting rules differ for some residents who spend more than 183 days outside Russia.
The Bank of Russia has published rules requiring depositories to hold capital of 50 million to 250 million rubles, depending on their services. Independent crypto exchanges need at least 15 million rubles in their own funds.
Market participants have until July 1, 2027, to obtain approvals and comply with the framework.
Officials are also studying whether Russia should create its own stablecoin. Chebeskov said it is “too early to talk about a specific model or a final bill.”
Enforcement rules are still being built. Starting July 1, 2027, Article 21 of the law will require banks to restrict payments to entities suspected of illegally running crypto operations.
A separate bill would make unlicensed crypto operations that cause large losses a criminal offense, with prison terms of up to seven years. The State Duma passed it in first reading, but it has not yet become law.
