Russian Investors Face Risk of Losses from Foreign Stablecoin Freezes

Russia's Deputy Finance Minister Ivan Chebeskov warned investors that they may bear losses if foreign stablecoin issuers freeze their assets. This risk is particularly relevant to popular stablecoins such as USDT and USDC, which can be subject to restrictions imposed by their foreign issuers.

Chebeskov explained that the law separates the responsibilities of investors and digital depositories when such risks occur. 'The investor is liable for losses incurred due to the actions of persons subject to the law of a foreign state,' he said.

Russia's comprehensive cryptocurrency law, which came into force on September 1, establishes rules for cryptocurrency trading through regulated intermediaries. The framework allows qualified and non-qualified investors to trade cryptocurrencies through approved market participants.