Bank of Russia warns crypto and stablecoins pose financial market risk

The Bank of Russia has labeled the use of cryptocurrencies and stablecoins as a financial market risk, warning that these digital assets may increasingly be used by Russian households as alternatives to the national currency.

Risks highlighted by the regulator

Investments in crypto are described as capable of total loss, with stablecoins termed “money surrogates” that may lack an obligated counter‑party or collateral. The central bank also noted the anonymity and decentralisation of many crypto transactions, linking them to heightened illicit‑activity risk.

Regulatory framework and penalties

Unlicensed crypto operators could face criminal liability, while licensed participants that breach market rules may be subject to administrative penalties. Rosfinmonitoring now has authority to monitor crypto transactions, and clients of Russian digital depositories must provide their taxpayer identification number (INN) to improve transparency.

Domestic market developments

Russia’s regulated crypto market, launched on 1 September, allows non‑qualified investors to purchase up to 300,000 rubles of approved digital assets per intermediary after passing a test, while qualified investors have no such ceiling. The central bank has proposed Bitcoin, Ether and USDT for trading on licensed exchanges.

Enforcement actions

In August, the Bank of Russia blacklisted 2,600 crypto wallets linked to suspected illegal activity after more than 1 billion rubles moved through them in early 2026. Over 70% of identified pyramid schemes used cryptocurrencies to attract funds, prompting website blocks and information sharing with banks and law‑enforcement agencies.