Russian Banks Ramp Up Crypto Scrutiny Amid Uncertainty Over Regulatory Framework

Major Russian banks have started scrutinizing transactions involving USDT and other cryptocurrencies, including companies outside the experimental legal regime (EPR).

The banks are requiring corporate clients to explain the economic purpose of buying USDT and confirm that the counterparty is included in the Bank of Russia's register of digital currency exchange operators and complies with anti-money laundering/counter-terrorism financing requirements.

However, this registry does not yet exist. Crypto expert Viktor Pershikov told ForkLog that banks are acting out of self-insurance rather than on a direct instruction from the regulator.

Pershikov believes that the initiative is more likely coming from Rosfinmonitoring, the agency responsible for enforcement, rather than the Central Bank. He notes that there are no legal risks for banks demanding what does not yet exist, as all their actions fall under 115-ФЗ.