Russia Mulls Fees on 'Unfriendly' Crypto Transactions to Shield Investors

Russia's Deputy Finance Minister Ivan Chebeskov has hinted at introducing fees and advisories on 'unfriendly' cryptocurrency transactions to protect Russian investors. The move is aimed at mitigating risks associated with digital assets such as USDT and BNB, which may pose high risks to Russian users.

In December last year, the Russian central bank proposed a regulatory concept that classified digital currencies and stablecoins as foreign exchange assets. This would allow their purchase and sale but prohibit their use for domestic payment of goods and services.

The proposed bill also includes provisions for non-qualified investors to purchase liquid cryptocurrencies after passing a specific test, with an annual cap on asset purchases through a single intermediary set at 300,000 rubles.