# New Russian Crypto Reporting Rules
Ivan Chebeskov, Deputy Minister of Finance of Russia, said that tax residents must report to the Federal Tax Service any crypto transactions conducted outside the regulated framework; if a foreign issuer freezes $USDT or $USDC and the non-Russian depository institution can be controlled, the loss is borne by the investor.
This is a real cost transfer for Russian tax residents holding stablecoins: compliance obligations are pushed forward, and freeze risk remains with the holder. The point that can be disproven is this—if later the official regulatory text shifts the frozen-loss back to the depository party, then this stance would only be a transitional interpretation.
$ARB
Ivan Chebeskov, Deputy Minister of Finance of Russia, said that tax residents must report to the Federal Tax Service any crypto transactions conducted outside the regulated framework; if a foreign issuer freezes $USDT or $USDC and the non-Russian depository institution can be controlled, the loss is borne by the investor.
This is a real cost transfer for Russian tax residents holding stablecoins: compliance obligations are pushed forward, and freeze risk remains with the holder. The point that can be disproven is this—if later the official regulatory text shifts the frozen-loss back to the depository party, then this stance would only be a transitional interpretation.
$ARB