Russia to Restrict Direct P2P Crypto Trades and Self-Custody Transfers Under New Rules

Russia has announced new crypto restrictions which come into effect on July 1st, 2027, that will prevent direct peer-to-peer transactions without an authorized intermediary and restrict transfers between regulated digital wallets and personal, self-custody wallets across the country.

Russia to Ban Direct P2P Crypto Trading From July 2027

Under Federal Law 282-FZ, individuals can trade cryptocurrencies directly with one another until June 30, 2027. Starting July 1, Russian residents must conduct these transactions through authorized intermediaries, including licensed brokers and registered exchange operators.

The regulator identifies licensed brokers and registered exchange operators among the permitted providers. In its official guidance, the central bank cites Article 30 for the new P2P deadline. From July 1, 2027, individuals cannot trade cryptocurrency directly with each other outside authorized intermediaries.

Russia’s crypto law went into effect on September 1, including requirements for trading, custodial and investor access. The law provides a transition period, allowing existing crypto businesses to obtain the required licenses and adjust their operations.

Russia Restricts Crypto Transfers to Personal Wallets

The October 12 guidance is related to funds moving from a regulated digital wallet into an individual’s wallet. Citing Article 31, the central bank says account holders cannot withdraw assets into personal noncustodial wallets. In such wallets, the users can manage their private keys without the need for a custodial service.

The regulator also bans transfers of money between people via addresses over digital depositories. Its explanation refers to transfers under direct agreements with the account holders. The guidance does not prohibit the ownership of a personal wallet, it focuses on specific transfers.

On October 6, the Bank of Russia opened the registration of digital depositories, where Sberbank became the first institution registered. As previously reported, the bank will introduce cryptocurrency custody services for Bitcoin, Ethereum and USDT. Digital depositories can record customers’ cryptocurrency holdings and administer addresses linked to their accounts. 

Licensed Crypto Exchanges Remain Available Under New Rules

The bank of Russia has said that people are still allowed to purchase and sell cryptocurrencies via authorised cryptocurrency exchanges and brokers. Under rules announced in July, non-qualified investors can purchase up to 300,000 rubles worth of eligible cryptocurrencies annually through each intermediary, provided they pass the required assessment.

There are also tests for qualified investors, but no annual purchase limit in place in the framework. As for cross-border transactions, the regulator allows any wallet to be used by the exporter and importer. However, cryptocurrencies remain prohibited as payment for goods and services within Russia.

Foreign bank accounts and regulated intermediaries are subject to different regulations for residents engaging in overseas transactions. They are required to disclose cryptocurrency assets located abroad to the Russian tax authorities.

Meanwhile, Moscow Exchange plans to launch cryptocurrency trading on December 1. The exchange has begun testing its services with professional traders under Russia’s new regulatory framework. Registered firms are required to comply with the transaction rules and continue to comply with the other operational rules, as of September 1, 2027.