Major banks in Russia have begun to request clarifications from corporate clients regarding their transactions involving USDT and other cryptocurrencies, even from companies that are not part of the experimental legal regime (ELR). This increase in scrutiny was reported by RBC, citing two sources within the banking sector, as well as a source from the cryptocurrency exchange market and Sovcombank.
In addition to the standard checks mandated by the federal law 115-FZ, banks are now demanding explanations for the economic rationale behind USDT purchases and confirmation that the counterparties are registered operators of digital currency exchanges with the Bank of Russia and comply with anti-money laundering (AML) and counter-terrorism financing (CTF) requirements. However, such a registry does not currently exist.
Self-Insurance Instead of Direct Instructions
In a statement to ForkLog, cryptocurrency expert Viktor Pershikov noted that banks are not acting based on direct instructions from regulators, but rather out of a sense of self-insurance.
"Before the signing of the law on digital currencies, there was a regulatory 'sandbox' known as the ELR, where banks and foreign economic activity participants learned to interact at the intersection of crypto and fiat. Now, cryptocurrency is becoming a fully regulated financial instrument, which increases the number of inquiries and concerns from bank compliance departments regarding its nature, origin, and the source of funds," he explained.
Some Telegram channels speculate that banks may have acted on a letter from the Central Bank. However, Pershikov disagrees with this interpretation. He believes that the initiative likely originated from the Federal Financial Monitoring Service (Rosfinmonitoring)—the agency responsible for enforcement—rather than from the Central Bank, which issues regulatory acts. He does not see any legal risks for banks that impose requirements for something that does not yet exist, asserting that their actions fall within the framework of 115-FZ.
"They have every right to inquire about the source of cryptocurrency or even about who Satoshi Nakamoto really is," the expert added.
Registry Expected in Fall with Limited Transparency
The Bank of Russia plans to establish a registry of digital currency exchange operators this fall. According to Pershikov, its key feature will be significant opacity, as it is evident that participants in the ELR are using cryptocurrency to circumvent restrictions imposed by unfriendly nations.
Moreover, detailed requirements for the registry, limits, and operational rules for exchanges will be determined by separate subordinate legislation. This explains why banks are currently operating under conditions of uncertainty—while the regulatory framework is in place, its specifics have not yet been defined.
What Companies Can Provide Right Now
In addition to basic AML/CTF documentation and risk assessments, corporate clients of banks participating in the ELR will need to disclose the nature and origin of the cryptocurrency they possess: where it is purchased and the source of funds. Furthermore, they must ensure transparency in their relationships with clients who utilize digital assets for their operations.
"Clearly, the paperwork for compliance officers at ELR companies will increase," Pershikov remarked.
USDT Transactions Outside the ELR: Not Just a Gray Area
Companies offering crypto services in foreign economic activities without being registered and without an exchange license under the new laws face potential criminal consequences—not merely a ban. Concurrently, bill No. 1193493-8 is being considered, which would introduce criminal and administrative liability for the illegal circulation of cryptocurrencies, including the confiscation of illegally exchanged assets.
Exemptions are made for those using cryptocurrency in accordance with external trade agreements or for fulfilling obligations under them. For smaller players, a separate threshold exists: if their turnover is below 3.5 million rubles per month, registration is not required. However, they also need a source for purchasing cryptocurrency, which raises questions about the source of funds.
Law as a Solution to the Dilemma
A significant issue arises for companies that use USDT not by choice but because SWIFT channels are closed due to sanctions. They must now justify the economic rationale for their transactions to banks, and an honest response documents the sanctions context—even within a legal framework. According to Pershikov, the newly enacted law resolves this dilemma: starting September 1, cryptocurrency transactions in foreign economic activities will become a legitimate financial instrument rather than an exception to the "sandbox". Banks will be required to process such transactions if the client's documentation is in order.
"Banks will have to service these transactions, provided that all the client's documents are in order, as the federal law has been signed and will soon come into effect," the expert noted.
It is important to remember that the law "On Digital Currency and Digital Rights" takes effect on September 1, with a transitional period lasting until July 1, 2027.