Banks are demanding explanations from businesses regarding USDT: what lies behind the new requests
In recent weeks, major Russian banks have increasingly sent requests to corporate clients asking for explanations regarding cryptocurrency transactions, primarily involving stablecoins, particularly USDT. Many market participants were quick to link this to the upcoming entry into force of the law "On Digital Currency and Digital Rights," but Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, offered a different explanation for this trend.
Why banks have become more active
In my assessment, the key signal here is not legislative novelties but operational risks. Aksakov directly states that bank requests are unrelated to the new regulation, which will only take effect on September 1, 2026. The real reason lies in the growing use of crypto assets in shadow schemes, including the financing of anti-Russian activities. Banks, receiving markers of suspicious transactions from the regulator, are forced to check clients already now, without waiting for formal rules.
In essence, credit institutions are acting preemptively. They have developed methodologies that allow them to assess how diligently a business uses digital currencies. Questions about the economic substance of USDT transactions are not a bureaucratic whim but an element of compliance that is becoming increasingly stringent.
What will change from September 1
From the moment the law comes into force, regulation of the crypto market will become systematic. However, a parallel process is already noticeable: the state is building control frameworks, and banks are intensifying checks. It is telling that the Bank of Russia has proposed limiting cryptocurrency purchases for non-qualified investors to 300,000 rubles per year per intermediary, including bitcoin, Ethereum, and USDT in the list of permitted assets. Comments on this draft are accepted until August 24.
The interest of businesses and citizens in crypto assets is also reinforced by returns. In July, bitcoin posted a result of 10.1%, outperforming all Russian sectoral indices and foreign securities. The closest competitor lagged by more than 2%. This statistic only enhances the appeal of digital currencies, but at the same time attracts the attention of regulatory authorities.
In my view, we are witnessing the formation of a new balance: the legalization of cryptocurrencies in Russia will be accompanied by tighter oversight. For businesses, this means the need to build transparent processes for working with digital assets today, rather than postponing until 2026. Banks, in turn, are becoming a key link in this filtering system.