Banks have demanded that businesses explain USDT transactions: what lies behind the new requests
In recent weeks, tensions have been rising in the Russian market: major credit institutions have begun actively requesting corporate clients to provide explanations about the economic purpose of cryptocurrency transactions, primarily involving stablecoins, particularly USDT. The State Duma emphasizes that these requirements are unrelated to the new law on digital currencies, which will only take effect on September 1, 2026. This concerns an earlier and more systemic signal that banks have already begun to pick up on.
Anatoly Aksakov, Chairman of the Financial Market Committee, explained that banks' activity is directly linked to the risks of illegal transactions. Cryptocurrencies and stablecoins are increasingly being used for shadow deals, including the financing of anti-Russian activities. Through such instruments, certain individuals attempt to conceal the traces of payments, acting against the country's interests. That is why financial organizations have already joined the oversight of such transactions, without waiting for the law to formally come into force.
Why banks are asking questions
According to Aksakov, both the regulator and the banks themselves have established clear indicators characterizing the suspicious nature of transactions. Credit institutions receive guidelines from the Central Bank, but they also rely on their own practices that allow them to assess how legitimately a client uses cryptocurrency in the market. Thus, requests for explanations of the economic purpose of deals are not a bureaucratic formality, but an element of preventive protection for the financial system.
What changes as of September 1
On September 1, 2026, the law "On Digital Currency and Digital Rights" comes into force, and it was precisely after its adoption that major banks intensified their scrutiny of corporate entities' operations with crypto assets. At the same time, regulation for retail investors is being prepared: the Bank of Russia 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. The regulator will accept comments on the draft until August 24 inclusive.
Interest in digital assets is also reinforced by 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 Russian industries and foreign securities. The closest competitor lagged by more than 2%.
The growing popularity of crypto assets among businesses and citizens is occurring simultaneously with stricter oversight. The state is establishing rules for the circulation of digital currencies, while banks are intensifying checks on client transactions. This is a natural stage in the market's maturation, but it requires increased transparency from participants and a willingness to engage in dialogue with regulators.
My view: banks' requests are an early indicator that Russia's crypto market is entering a phase of strict compliance. Businesses working with USDT should build transparent transaction documentation in advance, otherwise the risks of account freezes will only grow.