Banks demanded that businesses explain USDT transactions: what is really happening
In recent weeks, the market has been actively discussing a situation where major Russian banks have begun sending requests to corporate clients for economic justification of cryptocurrency transactions, primarily involving USDT stablecoins. Many market participants rushed to link this to the upcoming entry into force of the law "On Digital Currency and Digital Rights," but, as events show, such an interpretation has no basis.
Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, explained that the banks' actions are in no way related to the new regulation, which will only take effect on September 1, 2026. The reason is far more mundane and profound: digital currencies and stablecoins are increasingly being used to conduct illegal operations. That is why credit institutions, even now, without waiting for formal legislative norms, have joined in monitoring such transactions.
Why banks are asking questions
According to expert estimates, cryptocurrencies and stablecoins, particularly USDT, are often used to finance unlawful actions, including anti-Russian activities. Certain individuals deliberately resort to digital assets to conceal payment trails, acting against the country's interests. Banks, in turn, receive characteristic indicators from the regulator pointing to the potential illegality of operations and use their own developments to assess client integrity.
What changes on September 1
On September 1, 2026, the law "On Digital Currency and Digital Rights" comes into force, and it is precisely after its adoption that major banks intensified their attention to corporate entities' operations with crypto assets. However, it is important to understand: the current requests are not a consequence of the new law, but a result of tightened compliance procedures on the part of the financial organizations themselves. In parallel, regulation for retail investors is also 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, including Bitcoin, Ethereum, and USDT in the list of permitted assets. Comments on the draft are accepted until August 24 inclusive.
Interest in digital assets is also reinforced 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%.
The growing popularity of crypto assets among businesses and citizens is occurring simultaneously with tightened control. The state is establishing rules for the circulation of digital currencies, while banks are simultaneously strengthening the verification of client operations. This is a natural stage in the market's evolution: legalization is inevitably accompanied by increased transparency requirements. In the coming months, we will see how financial institutions adapt to the new realities, and businesses will have to learn to work with digital assets under stricter oversight.