Wu Blockchain reported that there are approximately 20 million cryptocurrency users in Russia, and the total cryptocurrency holdings amount to 3.7 trillion rubles (approximately 44 billion USD). The daily cryptocurrency trading volume is about 50 billion rubles (approximately 595 million USD). Russian Deputy Finance Minister Ivan Chebeskov stated that Russian taxpayers must report cryptocurrency transactions made outside the domestic regulatory framework to the Federal Tax Service. He also explained that if an overseas issuer freezes stablecoins such as USDT or USDC for reasons beyond the control of Russian custodians, the resulting losses will be borne by the investors.
