Russia will prohibit direct cryptocurrency transactions between individuals from July 1, 2027, under Federal Law No. 282-FZ, according to updated guidance from the Bank of Russia published on Oct. 12. Until that deadline, individuals can still trade directly with one another, but afterward residents will have to use authorized intermediaries.
The clarification adds detail to Russia’s new regulated crypto market. It confirms that the country is not banning crypto investing outright, but is narrowing how retail users can buy, sell and transfer digital assets, including limits on moving coins out of regulated accounts.
Direct P2P trading will no longer be allowed
The central bank said transactions between individuals themselves will no longer count as permitted cryptocurrency operations once the new restriction takes effect. That means users who currently arrange deals directly, even through third-party marketplaces that only connect buyers and sellers, will have to shift to organizations recognized under Russian law.
Under the framework, registered exchange operators and brokers will handle legal access to the market. Exchange operators are allowed to buy and sell digital currencies with their own funds, while brokers execute transactions for clients.
What remains available for retail investors
Russia’s regulated crypto market opened on Sept. 1, creating a legal channel for approved banks, brokers and exchange operators to offer trading services. The rules allow Russian residents to continue purchasing eligible cryptocurrencies through these intermediaries, subject to investor classification requirements.
As previously reported, nonqualified investors may buy eligible cryptocurrencies worth up to 300,000 rubles per year through each authorized intermediary, provided they pass a required knowledge test. Qualified investors must also complete the test, but they are not subject to the same annual purchase cap.
The Bank of Russia has identified Bitcoin, Ether and USDT among the assets that could meet eligibility requirements for ordinary investors, subject to the applicable trading rules.
Limits on self-custody transfers
The Oct. 12 guidance also addressed custody. The Bank of Russia said individuals cannot transfer cryptocurrency from regulated digital accounts to their own noncustodial wallets. It also barred transfers between individuals using addresses administered by regulated digital depositories.
That means crypto bought through a regulated account cannot be withdrawn by an individual to a personally controlled wallet as an authorized route. At the same time, the guidance does not explicitly say that merely owning an existing hardware or software wallet is forbidden. Its focus is on specific transfers and transactions rather than on possession alone.
Under the legal framework, digital depositories are responsible for recording cryptocurrency holdings and processing permitted transfers. The new clarification indicates that even transfers inside that regulated custody infrastructure are not allowed when they amount to direct person-to-person transactions.
Banks and exchanges are being licensed
The Bank of Russia began registering participants in the new market on Oct. 6. Its first approvals covered four exchange operators and five digital depositories, while Sberbank received separate approval to provide cryptocurrency exchange services.
Sberbank plans to introduce its first crypto products on Dec. 1 through its existing platforms. VTB has also said it plans to give investors access to digital currency trading through its investment platform, followed by its own cryptocurrency exchange in December.
According to the central bank, registered firms must comply with transaction and accounting rules from the date they are admitted, while remaining compliance obligations must be completed by Sept. 1, 2027.
Cross-border use remains a separate channel
The law treats foreign crypto activity differently from domestic retail trading. Russian residents may conduct cryptocurrency transactions abroad using foreign bank accounts, and crypto purchased domestically may be transferred overseas through regulated intermediaries. Holdings recorded abroad must be reported to Russian tax authorities.
Commercial foreign trade also falls under a different set of rules. Russian exporters and importers are allowed to use cryptocurrencies for cross-border settlements without the same restrictions imposed on ordinary retail investors. By contrast, domestic payments remain separately prohibited, so residents still cannot use cryptocurrency to pay for goods or services inside Russia.
Questions remain about enforcement. Industry executives cited in earlier reporting have argued that it may be difficult in practice to stop people from trading directly outside centralized platforms or from using independently controlled wallets. For now, the next confirmed milestone is July 1, 2027, when the ban on direct individual crypto transactions is due to take effect.
Source: crypto.news