Russia's Crypto Users Total 20 Million, Holdings Reach $44 Billion

Russia's Deputy Finance Minister Ivan Chebeskov revealed that the country has approximately 20 million crypto users, with combined holdings totaling about $44 billion. This estimate is based on 3.7 trillion rubles in user assets.

Chebeskov emphasized that Russian tax residents engaging in crypto transactions outside of the country's regulatory framework must report these trades to the Federal Tax Service.

In a significant development, Chebeskov stated that investors will be responsible for losses stemming from freezes of foreign-issued stablecoins. This includes assets like USDT and USDC, which are issued by companies such as Tether and Circle respectively.