Banks demand explanations on USDT: what lies behind the new requests to businesses
Recently, there have been more frequent cases of large banks requesting corporate clients to provide details on the economic purpose of transactions involving cryptocurrencies and stablecoins, especially USDT. At first glance, this might seem like a reaction to upcoming regulation, but as it turns out, the roots of this phenomenon lie much deeper and are not directly related to the recently adopted law on digital currencies.
A preventive measure, not a reaction to the law
The key point that needs to be clarified: the law "On Digital Currency and Digital Rights" only comes into force on September 1, 2026. Thus, the banks' activity is not an attempt to implement new rules in advance, but rather a manifestation of a long-overdue necessity. Financial organizations are already facing a flow of transactions that raise legitimate suspicions.
The fact is that cryptocurrencies and stablecoins, including USDT, are increasingly being used for illegal transactions. This is not just about banal money laundering, but also about financing activities that run counter to the country's interests. Malicious actors use digital assets as a tool to conceal payment trails, making control over such operations critically important.
What exactly do banks want to know?
The requests received by legal entities concern not just the fact of owning cryptocurrency. Banks want to understand what the real economic purpose of the transaction is. They receive certain signals and indicators from the regulator that characterize a transaction as suspicious, but at the same time, the credit institutions themselves already have established methodologies for assessing client integrity. This allows them to filter out suspicious transactions before they are even completed.
In parallel, preparations are underway to regulate the retail market. The Bank of Russia has proposed limiting cryptocurrency purchases for non-qualified investors to 300,000 rubles per year per intermediary. The list of permitted assets may include Bitcoin, Ethereum, and USDT. Comments on this draft are being accepted until August 24.
My view on the situation
The trend is obvious: the growing interest in crypto assets from businesses and citizens goes hand in hand with tightening control. Bitcoin showed a return of 10.1% in July 2026, outpacing all Russian instruments, which only fuels interest. However, in my opinion, banks are acting preemptively, trying to build barriers before the market is fully legalized.
This creates a paradoxical situation: on the one hand, the state is establishing the rules of the game, and on the other, financial institutions are already effectively introducing their own, stricter standards. For businesses, this means that transparency and a willingness to explain their digital asset transactions will become not just a recommendation, but a mandatory condition for working with banks. And this is likely only the beginning of the path toward full formalization of the crypto market.