Russia sets crypto reporting rules as holdings reach $44B
- —Finance Ministry puts Russian crypto holdings at 3.7 trillion rubles, about $44 billion
- —Roughly 20 million Russians use cryptocurrency, officials estimate
- —Daily Russian crypto transactions total about 50 billion rubles
- —From 2027, residents must report operations outside Russian depositories
Why it matters: Russia is formalizing crypto oversight but shifting foreign stablecoin freeze risk to investors, potentially curbing demand for USDT and USDC.
Source: crypto.news