Draft

Bank of Russia published updated requirements for the structure and circulation of digital financial assets (Tsf). Although formally we are talking about the Russian regulatory framework, the new conditions actually exclude the possibility of legal use of stablecoins-in particular, the USDT-as part of the regulation.

what has changed:

All assets should be produced by Russian operators within the framework of the FZ-259

is prohibited from using assets, the course of which is tied to foreign currency if there is no confirmed mechanism for providing and controling

this directly contradicts the USDT (Tether) model, which is released by the offshore company and is not amenable to control by the Russian regulator. Even in the case of the use of token in calculations in the foreign market — its application in Russian jurisdiction is now legally difficult.

USDT is widely used in gray imports, foreign economic calculations and p2p

the new approach of the Central Bank can increase the pressure on participants working outside the official infrastructure

it also complicates the legal integration of integration USDT in the experimental legal regime (EPR), the launch of which is previously announced

most likely, the main area for legal turnover will be national CFA, as well as potential projects based on stablecoins issued in the jurisdiction of the Russian Federation — with complete reporting and transparent support.