Russia is requiring residents to disclose crypto holdings linked to foreign digital-asset infrastructure under Federal Law No. 282-FZ, which took effect on September 1, 2026. Deputy Finance Minister Ivan Chebeskov said in a late-September 2026 interview that about 20 million Russians hold digital assets worth roughly 3.7 trillion rubles, or about $44 billion. The law establishes licensing for crypto intermediaries and makes regulated platforms the official route for retail trading. New retail investors who pass risk assessments can purchase up to 300,000 rubles, about $3,600, in authorized digital assets per intermediary each year. Retail access is limited to approved assets, with USDT the only permitted stablecoin (a crypto token designed to track a stable asset) alongside major cryptocurrencies such as Bitcoin and Ethereum. Foreign stablecoins are unavailable to non-qualified investors, while cross-border trade settlements receive broader exemptions. Chebeskov estimated that roughly 10 million Russian-linked wallets are held on foreign platforms and must now be reported to the Federal Tax Service (Russia's national tax authority). He also warned that foreign stablecoins can be frozen, citing Tether's 2025 freeze of assets connected to sanctioned Russian crypto exchange Garantex. Russia's crypto market processes about 50 billion rubles, or roughly $600 million, in daily transactions, and the 20 million-user estimate represents approximately one in seven of the country's roughly 146 million residents.