Banks are demanding explanations from businesses regarding USDT: what lies behind the new requests
Requests from Russian banks to corporate clients about the origin and purpose of cryptocurrency transactions, primarily involving USDT stablecoins, are not related to the recently adopted law on digital rights. This was stated by Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, emphasizing that the new provisions will only take effect on September 1, 2026.
In my assessment, the market is facing a preemptive reaction from the banking sector, which is trying to minimize regulatory and reputational risks right now, without waiting for the formal launch of the legislation. This is a logical step, given that supervisory authorities are increasingly paying attention to cryptocurrency flows in the context of financial monitoring.
Why banks have become more active
Aksakov attributes the increased attention from credit institutions to the fact that crypto assets, including stablecoins, are often used for illegal operations. This involves attempts to conceal payment trails, including the financing of anti-Russian activities. That is why banks are already starting to request explanations from legal entities about the economic purpose of transactions with digital currencies.
It is important to understand: banks are acting not only on the basis of formal regulations. They have their own developments and analytical tools that allow them to assess the integrity of clients when working with the crypto market. The regulator, in turn, provides financial organizations with indicators pointing to the potential illegality of operations.
What will change in September
The law "On Digital Currency and Digital Rights" will only take effect in a year, but large banks have already intensified control over legal entities' cryptocurrency transactions. In parallel, preparations are underway to regulate the retail segment: the Bank of Russia has proposed setting a limit of 300,000 rubles per year on the purchase of crypto assets for non-qualified investors from each intermediary. The list of permitted assets preliminarily includes Bitcoin, Ethereum, and USDT, with comments on the draft accepted until August 24.
Interest in digital currencies is also reinforced by their returns: in July 2026, Bitcoin showed a result of 10.1%, outperforming all Russian industries and foreign securities. The closest competitor lagged by more than 2%. This statistic only enhances the appeal of crypto assets for businesses, while simultaneously provoking stricter state control.
My conclusion: the market is entering a phase of mature regulation, where banks are becoming a key filter for cryptocurrency transactions. For reputable companies, this means the need to build transparent processes for interacting with digital assets today, rather than postponing it until the law formally takes effect.