Russia mandates investors report foreign crypto transactions, warns of losses from stablecoin freezes

Russia’s Deputy Finance Minister Ivan Chebeskov has a message for the country’s crypto holders: tell the tax authorities about your foreign wallets, or deal with the consequences. In an interview in late September 2026, Chebeskov revealed that roughly 20 million Russians now hold digital assets worth approximately 3.7 trillion rubles, or about $44 billion, making the country one of the largest crypto markets in the world by sheer user count. The warning comes alongside the rollout of Federal Law No. 282-FZ, which took effect on September 1, 2026. The law requires residents to report any crypto holdings tied to foreign digital asset infrastructure to Russia’s Federal Tax Service. It also introduces annual purchase caps for retail investors and narrows the list of stablecoins available on regulated platforms to exactly one: USDT. What the new law actually does Federal Law No. 282-FZ, signed on August 4, 2026, creates a licensing framework for crypto intermediaries operating in Russia. Trading through these licensed platforms is now the official path for retail investors, and it comes with strings attached. New retail investors who pass risk assessment tests are limited to purchasing ...