RUSSIA TO BAN DIRECT P2P CRYPTO TRADING FROM JULY 2027

In brief: 

₿- Non-qualified investors will face a 300,000-ruble annual cryptocurrency purchase limit per intermediary, while transfers from regulated digital accounts to personal noncustodial wallets are restricted.

₿- From July 2027, Russian residents will have to use licensed brokers or registered cryptocurrency exchanges for direct P2P trades, fundamentally changing how individuals buy and sell digital assets.

Russia will end direct peer-to-peer (P2P) cryptocurrency trading between individuals outside authorized intermediaries from July 1, 2027, as the country introduces stricter rules for its digital asset market. The new framework will require residents to use approved financial institutions and registered cryptocurrency exchange operators for transactions covered by the legislation.

The Bank of Russia clarified the deadline in guidance updated on October 12, outlining how Federal Law No. 282-FZ will govern cryptocurrency transactions and access to regulated services.

Russia introduces mandatory crypto intermediaries

Under the new rules, June 30, 2027, will be the final day for direct cryptocurrency transactions between individuals outside the authorized system. Residents will subsequently need to conduct covered trades through licensed brokers or cryptocurrency exchange operators listed in the central bank’s official register.

The regulatory framework also introduces separate restrictions on transfers from regulated digital accounts to personal noncustodial wallets. The central bank states that transfers from these accounts to wallets controlled by the same individual are not permitted under Article 31.

However, the restriction concerns specified transfer routes rather than a general prohibition on owning personal cryptocurrency wallets. The framework also distinguishes between exchange operators, which facilitate cryptocurrency purchases and sales, and digital depositories responsible for recording holdings and administering access to digital assets.

Non-qualified investors face annual purchase limits

Russia’s cryptocurrency regulations establish different conditions for qualified and non-qualified investors. Non-qualified investors must pass an assessment and can purchase eligible cryptocurrencies worth up to 300,000 rubles annually through each intermediary.

Qualified investors must also complete the required testing, but they are not subject to the same annual purchase ceiling.

The framework provides a transition period for businesses adapting to the new requirements. Institutions admitted under transitional provisions have until September 1, 2027, to meet the remaining operational standards, while registered market participants must comply with applicable transaction and recordkeeping obligations.

Cryptocurrency use also remains subject to restrictions depending on the transaction. Russian businesses can use digital assets for eligible cross-border payments, while cryptocurrency payments for domestic goods and services remain prohibited.

Sberbank and Moscow Exchange target December launch

Russia’s regulated cryptocurrency market is also preparing for new services from established financial institutions. Sberbank plans to introduce cryptocurrency products on December 1, potentially offering access through its existing customer platforms.

Moscow Exchange has separately announced plans to enable cryptocurrency transactions from the same date. The exchange has been testing its operations with professional market participants and expects customers to use accounts with a partner digital depository.

These developments indicate that Russia is preparing to integrate cryptocurrency trading more closely with its established financial infrastructure.

The July 2027 deadline will mark a significant change for individual traders who currently transact directly with one another. As authorized intermediaries become central to the market, access to cryptocurrency services will increasingly depend on regulated providers, investor eligibility requirements, and the rules governing transfers between digital accounts and personal wallets.