Banks require businesses to explain USDT transactions: State Duma's position
In recent weeks, the market has been actively discussing the tightening of banks' approach to corporate clients using cryptocurrencies. This concerns requests that credit institutions send to legal entities, requiring them to disclose the economic purpose of operations with stablecoins, primarily USDT. The State Duma has provided a clear explanation of this trend, emphasizing that it is not related to the recently adopted law on digital currencies.
Why banks have become more active
The key point voiced by Anatoly Aksakov, chairman of the State Duma Committee on the Financial Market, boils down to the following: banks are acting based on their own developments and signals from the regulator, not in anticipation of new legislation taking effect. The law "On Digital Currency and Digital Rights" will only come into force on September 1, 2026, and current requests to legal entities have no direct relation to it.
The reason is simple and pragmatic: cryptocurrencies and stablecoins, including USDT, are increasingly appearing in schemes linked to illegal operations. According to Aksakov, such instruments are often used to finance anti-Russian activities, and certain individuals use digital assets to conceal the traces of payments. Banks, receiving characteristic signs of suspicious transactions from the regulator, are forced to react and request explanations from clients.
It is important to understand that this is not about a total ban, but about selective control. Credit institutions already have sufficient experience to assess how honestly a client uses cryptocurrency in their activities. Requests about the purpose of transactions are a standard compliance tool that has now been extended to digital assets.
What awaits the market after September 1
In parallel, regulation for retail investors is also being prepared. The Bank of Russia has proposed setting a limit of 300,000 rubles per year on cryptocurrency purchases for non-qualified investors from each intermediary. According to preliminary data, the list of permitted assets will include Bitcoin, Ethereum, and USDT. The regulator is accepting comments on the draft until August 24 inclusive.
Interest in digital currencies is also supported by their profitability. In July 2026, Bitcoin showed a result of 10.1%, becoming the most profitable instrument in the Bank of Russia's review, surpassing all Russian industries and foreign securities. The closest competitor lagged by more than 2 percentage points.
Thus, we are observing a classic scenario: the growth in popularity of an asset is inevitably accompanied by increased control. The state is building the rules of the game, and banks are adapting their procedures to minimize risks. For businesses, this means one thing: transparency of cryptocurrency operations is becoming not a recommendation, but a mandatory condition for working with the financial system.
My view: The current dynamic is not tightening for the sake of tightening, but an attempt to legalize the crypto market in Russia, separating the wheat from the chaff. Companies that can clearly explain the economic purpose of their USDT operations will gain a competitive advantage, while "gray" schemes will be pushed out. In the long term, this is a positive signal for the industry.