According to a report from RBC, as cited by bits.media, a number of Russian banks specializing in services for import-export enterprises have started asking corporate clients to provide explanations for their cryptocurrency transactions. Specifically, the banks are requesting that firms disclose the economic purpose of their USDT purchases and confirm that the counterparties involved in providing the crypto assets are already registered on the central bank's registry of digital asset exchange operators. At the same time, however, that registry has yet to be established. The relevant regulation only comes into force on September 1, and the central bank is still working out the implementation details, which means the banks' requests cannot effectively be met at this point. Legal experts say these requests do not match current legislation. Attorney Elizaveta Lobuteva commented that the inquiries ought to be understood as routine compliance screening and preparation for future regulatory changes, rather than an additional mandatory obligation imposed on businesses.
Russian banks that serve import-export businesses have begun demanding that corporate clients explain their crypto transactions, according to RBC as cited by bits.media.
The requests center on USDT. Banks want clients to state why they are buying the stablecoin and confirm that the counterparty providing the crypto assets appears on the central bank's registry of digital asset exchange operators.
There is a catch. The registry does not exist yet. The regulation creating it only comes into force on September 1, and the central bank is still drafting the rules. As it stands, the banks' requirement is effectively impossible to satisfy.
Experts say the demands do not comply with the current legal framework. In the RBC report, lawyer Elizaveta Lobuteva said the requests should be interpreted as routine compliance checks and preparation for future regulatory changes, not an additional mandatory requirement.
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