According to TASS, Russia has around 20 million crypto users with total holdings estimated at RUB 3.7 trillion ($44 billion), while daily crypto transaction volume stands at roughly RUB 50 billion ($595 million), Deputy Finance Minister Ivan Chebeskov said.

Chebeskov said Russian tax residents will be required to report crypto transactions conducted outside the country’s regulated framework to the Federal Tax Service. If foreign issuers freeze assets such as USDT or USDC for reasons beyond the control of Russian depositories, investors will bear the resulting losses.