In Russia, which continues to regulate Bitcoin and altcoins, new data released regarding the cryptocurrency market reveals that the use of digital assets in the country has reached a significant level.
The latest statement on this matter came from Russian Deputy Finance Minister Ivan Chebeskov.
Crypto Assets in Russia Reach $44 Billion!
Speaking to the Russian local news agency TASS, Ivan Chebeskov shared current estimates regarding the size of the cryptocurrency market in the country. According to Chebeskov, approximately 20 million people in Russia use cryptocurrencies, and citizens’ total investments in digital assets and related financial products amount to 3.7 trillion rubles, or approximately $44 billion.
Chebeskov stated that the daily cryptocurrency trading volume is approximately 50 billion rubles, adding that these estimates include not only direct cryptocurrency ownership but also certain financial products whose value is tied to digital assets.
Investors Will Bear the Risk of Stablecoin Freezing!
Highlighting the magnitude of these figures, Chebeskov made an important statement regarding the liability for assets related to stablecoins exported abroad.
One of the key points that stood out in Chebeskov’s statements was the foreign-issued stablecoins such as USDT and USDC.
It was stated that if a foreign issuer freezes an investor’s assets for a reason beyond the control of the Russian digital asset custody institution, the resulting losses will not be automatically covered by the Russian institution.
He said that Russian investors should not expect compensation if foreign cryptocurrency issuers freeze their assets. In this case, the loss will be considered at the investor’s risk.
Tax Declaration for International Crypto Transactions!
Chebeskov also announced that Russian taxpayers will be required to report certain transactions they conduct outside the country’s regulated crypto infrastructure to the Federal Tax Service. The regulation aims to bring crypto transactions in Russia under closer scrutiny by tax authorities.
*This is not investment advice.