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Russia Crypto Holdings Reach $44 Billion; Investors to Bear Losses From Frozen Foreign Stablecoins

Russia Crypto Holdings Reach $44 Billion; Investors to Bear Losses From Frozen Foreign Stablecoins

  • The Russian government said investors must directly bear losses caused by freezes of stablecoins issued by foreign companies.
  • Ivan Chebeskov, Russia’s deputy finance minister, said the country has about 20 million crypto users whose holdings total about 3.7 trillion rubles ($44 billion).
  • The deputy minister said Russian tax law requires residents who engage in crypto transactions outside the country’s regulatory framework to report those trades to the Federal Tax Service.

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The Russian government said investors must bear losses resulting from freezes of stablecoins issued by foreign…

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