Russia Warns Crypto Investors: $44 Billion Market Faces New Regulatory Scrutiny

Russia's cryptocurrency market has reached significant levels, according to recent estimates. Russian Deputy Finance Minister Ivan Chebeskov stated that approximately 20 million people in Russia use cryptocurrencies, with a total investment of around $44 billion.

Chebeskov also highlighted the importance of foreign-issued stablecoins such as USDT and USDC, warning investors that losses will not be automatically covered by Russian institutions if these assets are frozen abroad. He emphasized that investors bear the risk in this case.

Russian taxpayers will now be required to report certain international crypto transactions to the Federal Tax Service, aiming to bring crypto transactions under closer tax scrutiny.