Banks require businesses to explain USDT transactions: a signal of tightened control
Recently, a number of major banking institutions have been sending requests to corporate clients demanding clarification of the economic purpose of cryptocurrency transactions, especially with stablecoins such as USDT. At first glance, this could be linked to the upcoming entry into force of the law "On Digital Currency and Digital Rights," however, as my analysis shows, this is not entirely the case.
The key point here is the time lag. The new regulation will only come into force on September 1, 2026. Consequently, the current activity of banks cannot be a direct consequence of this law. The reason lies deeper — in the systemic nature of the risks posed by digital assets.
Why banks are tightening requirements
State Duma deputy Anatoly Aksakov, chairman of the financial market committee, shed light on this issue. He emphasized that cryptocurrencies and stablecoins are increasingly being used in shadow schemes, including the financing of anti-Russian activities. Unscrupulous market participants actively use these tools to conceal payment trails, which forces banks to implement control mechanisms already now.
Credit institutions receive from the regulator a set of indicators characterizing suspicious transactions. However, banks themselves also have their own developments that allow them to assess how legitimately a client uses cryptocurrency in the market. Requests for clarification of the economic purpose of transactions are, in essence, an element of compliance procedures aimed at identifying potentially illegal flows.
What will change from 2026
With the law coming into force, control will become systemic. However, we are already witnessing the preparation of infrastructure. For example, the Bank of Russia has proposed setting a limit of 300,000 rubles per year on cryptocurrency purchases for non-qualified investors, including Bitcoin, Ethereum, and USDT in the list of permitted assets. Comments on this draft are accepted until August 24 inclusive.
Interest in digital assets 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, ahead of all Russian industries and foreign securities. The closest competitor lagged by more than 2 percentage points.
My conclusion: The growing popularity of crypto assets goes hand in hand with tightening control. Banks, acting proactively, are trying to minimize regulatory and reputational risks. For businesses, this means one thing — transactions with USDT and other stablecoins will require impeccable transparency and documentary justification. Players accustomed to gray schemes will have to adapt to the new realities or leave the market.