Russia Crypto Holdings Reach $44 Billion; Investors to Bear Losses From Frozen Foreign Stablecoins
Summary
- The Russian government said investors must directly bear losses caused by freezes of stablecoins issued by foreign companies.
- Ivan Chebeskov, Russia’s deputy finance minister, said the country has about 20 million crypto users whose holdings total about 3.7 trillion rubles ($44 billion).
- The deputy minister said Russian tax law requires residents who engage in crypto transactions outside the country’s regulatory framework to report those trades to the Federal Tax Service.
The Russian government said investors must bear losses resulting from freezes of stablecoins issued by foreign companies.
Russia has about 20 million crypto users, and their holdings total about 3.7 trillion rubles, or $44 billion, Deputy Finance Minister Ivan Chebeskov told Tass on September 23.
Russia’s daily crypto trading volume is estimated at about 50 billion rubles, or $595 million.
Chebeskov said Russian tax residents who trade crypto outside the country’s regulatory framework must report those transactions to the Federal Tax Service.
Losses stemming from freezes of foreign-issued stablecoins will also fall on investors. If issuers such as Tether, which issues USDT, or the issuer of USD Coin, USDC, freeze assets for reasons beyond the control of Russian custodians, investors will have to absorb the losses.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.