The Bank of Russia is set to conduct a large-scale audit of cryptocurrency holdings and activities across the nation in early 2026, targeting unreported flows and loans tied to digital assets. The review, scheduled to run during the first two months of 2026, will gather data from banks, crypto firms, miners, and tax authorities, with the aim of cross-referencing information to identify gaps between reported and actual transactions.
Officials describe the audit as a broad check that could examine on-chain movements and off-balance sheet arrangements, including investments by regulated lenders, crypto-linked lending, and flows through infrastructure providers. However, key details remain uncertain, such as whether participation is mandatory, the specific time frame covered, and how "crypto holdings" are defined—potentially encompassing private wallets, foreign accounts, derivatives, or stablecoin exposures.
This move occurs amid Russia's ongoing development of a crypto framework, with agencies split between favoring clearer rules and tighter oversight. The audit follows reports of significant crypto flows, including the ruble-backed A7A5 stablecoin, which has processed over $6 billion in cross-border transactions since its August launch, highlighting its role in circumventing Western sanctions. Implications may include increased compliance burdens, additional reporting for banks, and potential tax pursuits on unreported gains.
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