Russia sets crypto reporting rules as holdings hit $44B

Russia’s finance ministry estimates that residents hold about 3.7 trillion rubles (roughly $44 billion) in cryptocurrency and related products, spread across an estimated 20 million users. New regulations aim to bring more of this activity into a licensed framework and introduce reporting obligations for foreign‑issued stablecoins.

Scope of the market

Deputy Finance Minister Ivan Chebeskov said daily crypto transaction volume in Russia is around 50 billion rubles. The 3.7 trillion‑ruble figure includes direct cryptocurrency ownership as well as certain financial products linked to digital assets; it is not a precise count of every wallet.

New reporting requirements

Starting 2 May 2027, Russian tax residents must report qualifying crypto transactions conducted through addresses that are not administered by a Russian digital depository. The reporting is aimed at activities outside the regulated domestic perimeter and does not prohibit self‑custody.

Limits for non‑qualified investors

Non‑qualified investors may purchase eligible liquid cryptocurrencies after passing a testing requirement, but their annual purchases are capped at 300,000 rubles per intermediary. Qualified investors also undergo testing but face no purchase ceiling.

Risk of foreign stablecoin freezes

Officials warned that if a foreign stablecoin issuer freezes assets beyond the control of a Russian depository, investors may have to absorb the loss. Chebeskov cited USDT and USDC as examples where issuers can block addresses or freeze tokens under certain conditions.

Regulatory framework and timelines

The main cryptocurrency law (Federal Law 282‑FZ) took effect on 1 September 2023. Intermediaries, exchanges, brokers and depositories must obtain licences by 1 July 2027, with capital requirements ranging from 15 million to 250 million rubles depending on services offered.

Potential domestic stablecoin

The Finance Ministry and the Bank of Russia are studying the possibility of a Russian‑issued stablecoin, but no specific model has been decided.