Bank of Russia Rules Out Crypto Wallet Restrictions for Cross-Border Payments

The Bank of Russia has confirmed that restrictions on self-custody crypto wallets will not apply to cross-border payments. According to the report, First Deputy Governor Vladimir Chistyukhin clarified the exemption for international settlements.

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Bank of Russia Clarifies Cross-Border Crypto Wallet Rules

Chistyukhin said non-custodial wallets remain available for international settlements despite Russia’s tighter cryptocurrency regulations. The exemption is to distinguish payments for foreign trade from domestic trade, which will be subjected to stricter rules for licensed intermediaries.

Self-custody wallets enable users to hold their private keys themselves rather than using exchanges or other custodians. The central bank has limited some domestic transfers using these wallets on the grounds of investor protection and money laundering. However, existing ownership of assets in personal wallets is not prohibited.

Chistyukhin also said that assets are able to be transferred between regulated foreign custodial platforms and Russian digital depositories. Users can then move those assets to their own wallets, but domestic transfers are subject to other limits.

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Russia Maintains Restrictions on Domestic Crypto Transactions

Russia’s Federal Law No. 282-FZ took effect on September 1, establishing a regulated framework for cryptocurrency trading and custody. The Bank of Russia then clarified the regulations on transfers from regulated digital accounts to personal self-custodial wallets.

As we previously reported, further restrictions are in effect for direct peer-to-peer cryptocurrency transactions starting July 1, 2027. Until then, individuals can continue such transactions during the transition period, while businesses prepare to meet the new requirements.

Under the framework, retail investors without qualified status face annual cryptocurrency purchase limits of 300,000 rubles per intermediary. These investors also have to undergo the relevant assessments before they can trade eligible cryptocurrencies on licensed trading platforms. Qualified investors face different purchase conditions under the regulatory framework.

Bank of Russia Registers Crypto Industry Oversight Body

The announcement came on the heels of another regulatory move, which Russia made to formalize its oversight of crypto exchanges and digital depositories in the country. On Thursday, the Bank of Russia registered the National Association of Securities Market Participants (NAUFOR) as its self-regulatory organization.

NAUFOR will support the establishment of industry standards and compliance of registered companies, and the central bank will still be in charge of regulation. The number of participants in the exchange register has been expanded to 23 in Russia, and eight organizations are in the digital depository register. The association will also help its members comply with the regulatory requirements.

The oversight is in line with the central bank’s earlier decision to approve Sberbank as a cryptocurrency exchange service provider under the new license regime. Sberbank will launch crypto products in December, while Moscow Exchange has also said it will introduce regulated trading.