Russia to ban direct P2P crypto trading from July 2027 under new rules

Russia has set July 1, 2027, as the cutoff for direct peer-to-peer cryptocurrency trading, requiring residents to use authorized intermediaries while restricting withdrawals from regulated digital accounts to personal wallets.

The Bank of Russia clarified in guidance updated on Oct. 12 that Article 30 of Federal Law No. 282-FZ permits direct transactions between individuals only until the July 2027 deadline.

Under the regulator’s explanation, residents must subsequently transact through, or directly with, authorized providers, including licensed brokers and registered cryptocurrency exchange operators.

Russia’s P2P crypto deadline requires authorized intermediaries

For residents who currently buy or sell cryptocurrency directly with another person, the central bank’s guidance sets June 30, 2027, as the final day for that trading route.

In describing the permitted alternatives, the regulator distinguishes between brokers holding a Bank of Russia license and cryptocurrency exchange organizations entered in its official register. Its website provides registers and a financial-market participant checking service through which users can review a provider’s status.

Russia’s main cryptocurrency framework took effect on Sept. 1, placing trading, custody, and investor access under central bank supervision. The legislation gives existing businesses time to obtain approvals and adapt their operations.

Separate deadlines apply to firms admitted under transitional provisions. As crypto.news reported on Oct. 7, Russia had registered its first exchanges and custodians, with four cryptocurrency exchange operators and five digital depositories entering the supervised market.

According to that coverage of the central bank’s announcement, registered firms must follow transaction and recordkeeping requirements immediately. Institutions admitted through the transitional process have until Sept. 1, 2027, to meet the remaining operational requirements.

The October report identified VTB, Zefir, Sistema Crypto and T Invest Lab among the initial exchange operators. Sberbank, VTB, Atomyze, Voltari and Cloud Infrastructure appeared in the digital depository register.

Personal wallet transfers face separate account restrictions

Alongside the P2P deadline, the central bank’s October guidance addresses whether individuals can transfer cryptocurrency from a regulated digital account to a noncustodial wallet belonging to the same person.

Citing part 9 of Article 31, the regulator says such transfers are not permitted. The restriction concerns withdrawals from the regulated account into a wallet where the individual controls the private keys.

In another answer, the central bank cites part 5 of Article 31 to prohibit transfers between individuals through address identifiers administered by a digital depository, including transfers arising from transactions between those account holders.

The guidance addresses those specified transfer routes rather than prohibiting ownership of a personal wallet.

Within the regulated system, digital depositories record cryptocurrency holdings and transfers and administer customer access to the addresses associated with their assets, according to the central bank’s description of their functions.

Exchange operators perform a separate role. Under the regulator’s October registration announcement, they can purchase and sell digital currencies in their own name, using their own funds, outside organized trading venues.

Licensed crypto purchases retain investor limits

For individuals using authorized providers, Russia’s framework preserves different access conditions for qualified and non-qualified investors.

Under the rules described in the supplied report, non-qualified investors must complete an assessment before purchasing eligible cryptocurrencies. Their annual purchases cannot exceed 300,000 rubles through each intermediary.

Qualified investors must also complete testing, although the framework does not impose the same annual purchase ceiling on that group.

In its July 29 coverage of the central bank’s draft exchange rules, the publication reported that the proposed operating standards also covered digital currency accounts and the registration of market participants.

According to that report, the draft required digital depositories to hold between 50 million and 250 million rubles in minimum equity, depending on their services. The central bank also proposed that the capital remain liquid and consist of financial assets with high credit quality.

For foreign trade, the regulator allows exporters and importers to use cryptocurrency wallets under the applicable cross-border framework. Cryptocurrency payments for ordinary goods and services inside Russia remain prohibited.

Residents conducting overseas transactions also face separate rules involving foreign accounts and intermediaries, including requirements to report cryptocurrency assets held abroad to Russian tax authorities.

For U.S. participants, Treasury’s Office of Foreign Assets Control states that Russia-related sanctions apply to cryptocurrency transactions as well as transfers involving traditional money. According to OFAC, U.S. persons wherever located, including businesses processing cryptocurrency payments, must avoid prohibited transactions and attempts to circumvent its regulations.

Sberbank and Moscow Exchange prepare December services

By Oct. 12, Sberbank had also secured crypto exchange approval, according to reporting that cited Interfax and the central bank’s register. The report put the exchange register at nine organizations and the digital depository register at five.

Sberbank plans to introduce its first cryptocurrency products on Dec. 1 through existing customer interfaces, according to the October coverage. Earlier reporting identified SberBank Online, SberInvestments and SberBusiness as planned access channels, with Bitcoin, Ether and USDT expected among the first supported assets.

Moscow Exchange senior managing director Boris Blokhin separately told reporters on Oct. 8 that the venue planned to enable cryptocurrency transactions from Dec. 1 and was testing operations with professional market participants, Interfax reported.

According to Blokhin, participants will open accounts with a partner settlement digital depository, and Moscow Exchange will not need additional permits or licenses to launch the service.