Russia Says Investors Will Bear Losses From Frozen Foreign Stablecoins as Crypto
Russia’s Deputy Finance Minister Ivan Chebeskov said investors will bear losses if foreign stablecoins such as USDT and USDC are frozen, as the country estimates that crypto users hold about RUB 3.7 trillion ($44 billion) in digital assets.
According to data reported by Wu Blockchain, citing TASS, Russia has around 20 million cryptocurrency users. Chebeskov also said daily cryptocurrency transaction volume is roughly RUB 50 billion ($595 million), underscoring the scale of digital-asset activity included in the government’s estimates.
Russian Crypto Users Face New Reporting Requirement
Chebeskov said Russian tax residents will be required to report cryptocurrency transactions conducted outside the country’s regulated framework to the Federal Tax Service.
The requirement applies to activity taking place outside the regulated ecosystem and adds a reporting obligation for Russian residents involved in cryptocurrency transactions through external infrastructure.
The comments come as Russian authorities continue developing rules governing digital assets and their use by domestic residents. The government’s approach includes greater visibility over cryptocurrency activity conducted beyond regulated channels.
The figures cited by Chebeskov cover both the estimated number of users and the value of their holdings. Russia is estimated to have around 20 million crypto users with combined holdings of RUB 3.7 trillion ($44 billion).
Foreign Stablecoin Freezes Would Leave Investors With the Loss
Chebeskov specifically addressed the risks associated with foreign-issued stablecoins. He said that if issuers freeze assets such as USDT or USDC for reasons beyond the control of Russian depositories, investors would bear the resulting losses.
The issue relates to the ability of centralized stablecoin issuers to restrict or freeze specific addresses. Unlike Bitcoin, stablecoins such as USDT and USDC are issued and administered by identifiable entities that can take action against particular wallets under applicable circumstances.
Russian officials have previously raised concerns about this mechanism. In June, Chebeskov said foreign stablecoin issuers could freeze users’ assets and indicated that Moscow was considering a regulatory framework for stablecoins.
The latest comments establish who would carry the financial consequence if such a freeze affects Russian investors: the holders themselves, when the action is outside the control of Russian depositories.
Crypto Activity Reaches Significant Scale
The reported RUB 50 billion ($595 million) in daily transaction volume provides another measure of the cryptocurrency market described by Chebeskov.
The government’s estimate of RUB 3.7 trillion ($44 billion) in crypto holdings also includes the broader digital-asset exposure attributed to Russian users. Separate reporting on Chebeskov’s figures has noted that the estimate covers not only direct cryptocurrency ownership but also financial products linked to digital assets.
For Russian tax residents, the reporting requirement means transactions conducted outside the regulated framework will now fall within the Federal Tax Service’s reporting scope, while the stablecoin warning places additional emphasis on the distinction between holding assets issued domestically and relying on foreign issuers.
The treatment of frozen USDT and USDC remains tied to the specific circumstances surrounding any freeze. Chebeskov’s statement, as reported by TASS, makes clear that investors would not be compensated by Russian depositories when the freeze results from action taken by a foreign issuer beyond those depositories’ control.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
Check out other news and articles on Google News
Disclaimer:
The articles on HOKA.NEWS are here to keep you updated on the latest buzz in crypto, tech, and beyond—but they’re not financial advice. We’re sharing info, trends, and insights, not telling you to buy, sell, or invest. Always do your own homework before making any money moves.
HOKA.NEWS isn’t responsible for any losses, gains, or chaos that might happen if you act on what you read here. Investment decisions should come from your own research—and, ideally, guidance from a qualified financial advisor. Remember: crypto and tech move fast, info changes in a blink, and while we aim for accuracy, we can’t promise it’s 100% complete or up-to-date.