Banks require businesses to explain USDT transactions: State Duma reveals the underlying reason
The growing pressure from credit institutions on corporate clients using stablecoins, primarily USDT, is unrelated to the upcoming law on digital rights. This was stated by Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, who explained that the new regulations will only take effect on September 1, 2026. The current activity of banks is driven by entirely different motives.
In my assessment, we are witnessing a classic preemptive strike by the financial sector. Banks, acting proactively, are trying to build protective barriers against the use of cryptocurrencies in shadow schemes. As Aksakov emphasized, digital assets are increasingly appearing in illegal operations, including the financing of anti-Russian activities. It is this concern, not future regulation, that is prompting banks to require legal entities to disclose the economic purpose of USDT transactions.
Why banks are tightening control
The deputy noted that cryptocurrencies and stablecoins have become a favored tool for concealing payment trails. Certain individuals acting against national interests are actively using such assets to circumvent sanctions and finance hostile activities. Banks, receiving characteristic indicators of suspicious transactions from the regulator, are already implementing mechanisms to assess client integrity, relying on their own developments in this area.
This is an important signal for the market: not only individuals but also the corporate segment are subject to control. Financial organizations have developed internal methodologies to distinguish legitimate use of crypto assets from attempts to launder money or finance illegal activities.
What will change on September 1
The law "On Digital Currency and Digital Rights" will officially take effect on September 1, 2026, but major banks are already showing heightened attention to crypto transactions by legal entities. In parallel, the Central Bank is preparing infrastructure for retail investors: the regulator has proposed setting a limit of 300,000 rubles per year on cryptocurrency purchases for non-qualified investors from each intermediary. The list of permitted assets 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 posted a result of 10.1%, becoming the most profitable instrument in the Bank of Russia's review and outperforming its closest competitor by more than 2%. The popularity of crypto assets is growing alongside tighter control, and this is natural: the state is establishing the rules of the game, and banks are adapting their compliance procedures to the new realities.
My conclusion: the current situation is not merely a bureaucratic whim but a systemic response to risks. Businesses legally using stablecoins will have to learn to prove the legitimacy of their operations, and this will become the new standard of work in the Russian market.