⏱ 3 min read
Residents will have to use licensed platforms, with self-custody transfers from depository accounts barred and banks set to block foreign exchange rails.
The Bank of Russia said in guidance posted on October 12 that direct crypto trades between individuals are legal only until July 1, 2027. From then, P2P crypto trades will be illegal under Federal Law No. 282-FZ, according to the update.
The legal basis is the new law President Vladimir Putin signed on August 4, which took effect September 1. The report says Article 30 lists crypto operations allowed without a licensed intermediary, and from July 2027 that list no longer includes trades between individuals.
Taken together with Sberbank’s October 12 entry to the central bank’s registry of crypto exchange organizations and its plan to launch products on December 1, the timetable suggests activity will be pushed onto licensed venues ahead of the cutoff.
From that date, residents may only trade through, or directly with, companies that “organize the circulation” of digital currencies. The report describes these as mainly brokers licensed by the Bank of Russia and exchange organizations listed in its registry.
The regulator’s guidance adds that individuals cannot move crypto from a digital account to their own non-custodial wallet. It also says transfers from one person to another through addresses run by a digital depository are not permitted, even to settle a trade between them.
Lending is restricted as well: only brokers, trustees, exchange organizations and clearing houses can be the lender in a crypto loan, according to the guidance.
Peer-to-peer deals have been a common route to stablecoins since Binance sold its Russian business to CommEX in 2023, with buyers wiring rubles to a seller’s bank card in exchange for USDT. The report says the new rules end that model.
From July 1, 2027, Russian banks will have to refuse clients who try to fund wallets on foreign platforms and will not accept rubles cashed out from those platforms, Andrei Tugarin of GMT Legal told Kommersant FM.
For retail, the central bank’s framework sets a test for non-qualified buyers and caps their annual crypto purchases at 300,000 rubles. The report says Bitcoin, Ethereum and USDT are the only assets on the list for non-qualified buyers; qualified investors face no cap.
Sberbank joined the registry on October 12 and plans to launch its first crypto products on December 1, per Interfax. VTB and T-Invest Lab are also on the register. Exchange organizations must be Russian companies with at least 15 million rubles in equity and be listed in the registry, though they can operate without registration until July 1, 2027.
The law keeps the domestic payments ban in place, barring crypto for goods and services at home, while allowing its use in foreign trade settlements. Kaplan Panesh, deputy chair of the Duma’s budget committee, described that carve-out as a way to circumvent sanctions when the bill passed its first reading in April.
The next dated milestones are Sberbank’s December 1 rollout and the July 1, 2027 shift to licensed rails.
Source: Decrypt.
This article was written with AI assistance and reviewed by an editor.
This content is for informational purposes only and does not constitute financial advice.
🧠 HafidWatch Take
While the new regulations clearly end peer-to-peer crypto trading and restrict wallet transfers for individuals, details remain unclear on how banks will distinguish between banned retail transactions and permitted foreign trade-related transfers. This operational challenge could complicate enforcement, as financial institutions must block certain crypto flows without hindering cross-border dealings that are still allowed under the law. The central bank’s caps on non-qualified buyers and licensing requirements suggest a cautious tightening of the market, but practical implementation will likely require careful balancing to avoid unintended disruptions.
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