Banks are requiring businesses to explain USDT transactions: what lies behind the new requests
In recent weeks, tension has been building in the Russian market around banks' requests to corporate clients regarding transactions with cryptocurrencies and stablecoins, primarily USDT. Credit institutions are demanding that clients disclose the economic purpose of such deals, which has sparked a wave of questions in the business community. However, as I have found out, this activity is not directly related to the recently adopted law on digital rights.
Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov explained that the new law will only come into force on September 1, 2026, while banks have already stepped up their checks. The reason is not future regulation, but a systemic problem: cryptocurrencies and stablecoins are increasingly being used for illegal operations. This concerns not only financial fraud, but also the financing of anti-Russian activities, where digital assets make it possible to conceal payment trails.
Why banks are tightening control
Aksakov emphasizes that the regulator and the banks themselves have accumulated sufficient data to assess the good faith of clients. Requests about the purposes of USDT transactions are not a formality, but part of preventive measures. Banks receive from the Central Bank indicators characterizing potentially suspicious operations, and based on their own developments, they assess how legally a company uses crypto assets in its activities.
It is important to understand: this is not a one-off campaign, but a systemic trend. While the state is building the legislative framework, financial institutions are taking on the role of the "first line of defense." Questions about the origin of funds and the economic purpose of transactions are becoming standard practice for legal entities working with digital currencies.
New rules for retail investors
In parallel, regulation is also being prepared for private investors. The Bank of Russia has proposed setting a limit of 300,000 rubles per year on the purchase of cryptocurrencies for non-qualified investors from each intermediary. The list of permitted assets includes Bitcoin, Ethereum, and USDT. The regulator is accepting comments on the draft until August 24 inclusive.
Interest in digital assets is also fueled by their returns: 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 domestic industries and foreign securities. The closest competitor lagged by more than 2 percentage points.
The growing popularity of cryptocurrencies goes hand in hand with tighter control. This is an inevitable stage in the market's maturation: legalization is impossible without transparency, and transparency, in turn, requires participants to be ready to answer uncomfortable questions. For business, this is a signal: working with USDT is possible, but you will have to be prepared for dialogue with banks and regulators.
My view: the banks' new requests are not an attempt to strangle the crypto market, but an attempt to separate the wheat from the chaff. Companies that use stablecoins for real business purposes will ultimately only benefit from the industry being cleansed of shadow schemes. The main thing is to build transparent reporting in advance and document every step.