Russia Mandates Foreign Crypto Reporting, Approves USDT as Sole Retail Stablecoin

Russia's crypto market has grown to become one of the largest in the world by user count, with an estimated 20 million Russians holding digital assets worth around $44 billion. However, this growth comes with new regulations aimed at bringing these activities under government control.

As part of Federal Law No. 282-FZ, which took effect on September 1, 2026, residents are now required to report any crypto holdings tied to foreign digital asset infrastructure to Russia's Federal Tax Service. This includes an estimated 10 million Russian-linked wallets existing on foreign platforms.

The law also introduces annual purchase caps for retail investors and narrows the list of stablecoins available on regulated platforms to exactly one: USDT. Chebeskov noted that investors could face losses if those assets get frozen, citing a previous episode where Tether froze assets connected to Garantex, a Russian crypto exchange.

The government's decision to approve USDT as the sole retail stablecoin on domestic platforms is a calculated compromise, attempting to create a buffer between domestic users and the risk of unilateral freezes by Tether. Daily transaction volumes have hit approximately 50 billion rubles, or roughly $600 million.