The Bank of Russia has named cryptocurrency use as a financial market risk, warning that stablecoins and other digital assets could increasingly replace the ruble for Russian households. The regulator wants criminal liability for unlicensed crypto operators and has expanded transaction monitoring, even as the country's first regulated crypto market remains open.
Stablecoins threaten the ruble, regulator says
The Bank of Russia warned that growing use of digital currencies, particularly stablecoins, could push households toward privately issued assets instead of the ruble. The bank raised the concern in its review, "Main Directions for the Development of the Financial Market of the Russian Federation for 2027 and the Period of 2028 and 2029."
Investments in cryptocurrencies carry the risk of a complete loss of invested funds, according to the central bank. Unlike traditional financial instruments, according to the Bank of Russia: "money surrogates" may lack an obligated counterparty or underlying collateral, leaving investors with no party to claim against if an asset's value collapses. The bank also flagged the varying anonymity of transactions on decentralized networks as a factor linked to illegal activity, and it said crypto markets operating across borders can limit the effectiveness of restrictions set by individual governments.
The warning arrives shortly after Russia opened a regulated domestic crypto market under central bank supervision. Russia's first comprehensive framework for crypto trading, custody and cross-border settlements took effect Sept. 1, letting investors buy approved digital assets through regulated intermediaries. Non-qualified investors can purchase up to 300,000 rubles of eligible cryptocurrencies annually through each intermediary after completing a required test, while qualified investors can trade without that ceiling.
Unlicensed operators could face criminal liability
The Bank of Russia wants crypto activity to stay within the licensed market created under the new framework. The regulator has called for criminal liability for operators that organize digital currency circulation without authorization, while licensed participants that break the rules should face administrative liability, according to the central bank.
Russia had already built a licensing structure for crypto intermediaries before this warning. Draft rules published in July set capital requirements for digital depositories and let exchanges establish their own trading procedures within the regulatory framework, with the central bank maintaining official registers of licensed participants. President Vladimir Putin signed the underlying digital asset law on Aug. 4 after the State Duma approved it in July, establishing regulated access for retail and qualified investors while keeping crypto payments for goods and services prohibited domestically.
Monitoring expands as authorities track transactions
Rosfinmonitoring has gained authority to oversee cryptocurrency transactions under the legislation governing digital currencies and digital rights. Clients opening accounts with Russian digital depositories will now be required to provide their individual taxpayer identification number, a requirement Rosfinmonitoring adviser Vlada Gracheva said would improve transparency around crypto transactions. Transactions exceeding 60,000 rubles are subject to requirements for detailed information about the payer and recipient.
The monitoring push follows earlier enforcement action. The Bank of Russia blacklisted 2,600 crypto wallets linked to suspected illegal financial activity in August, after more than 1 billion rubles flowed into the addresses during the first half of 2026. The regulator identified 929 entities showing signs of financial pyramid activity and another 379 suspected of illegally attracting investments, and more than 74% of the identified pyramid schemes used cryptocurrencies to attract funds.
Source: crypto.news
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