Russia Warns Stablecoin Freeze Risks for Investors as Cryptocurrency Holdings Hit $44 Billion

Russia estimates that about 20 million residents hold roughly $43.8 billion in cryptocurrencies and related assets, with daily transaction volume near $591.5 million. Deputy Finance Minister Ivan Chebeskov warned that investors may bear losses if foreign stablecoin issuers such as Tether or Circle freeze assets, citing the 2025 Garantex case as a precedent.

The new regulatory framework requires nonqualified investors to face an annual purchase cap of 300,000 rubles per intermediary after passing a test. Residents must report crypto activity on addresses outside the domestic regulated system to the Federal Tax Service starting May 2, 2027. Digital depositories face capital requirements of 50 million to 250 million rubles, while independent exchanges need at least 15 million rubles.

Chebeskov said local depositories remain responsible for their own custody and accounting practices, but the contractual language around foreign freezes means investors could face significant losses without recourse through Russian intermediaries. The episode has prompted a broader discussion about whether Russia should develop its own stablecoin.