The Bank of Russia confirmed that peer-to-peer cryptocurrency trading between individuals will become illegal starting July 1, 2027. This directive is based on Federal Law No. 282-FZ, signed by President Vladimir Putin in August and effective since September 1. The new regulations restrict crypto transactions to licensed intermediaries, such as brokers and exchange organizations registered with the central bank. Consequently, residents will no longer be able to swap rubles for digital assets directly with other individuals without a regulated middleman.
In addition to banning direct trades, the regulator clarified that individuals cannot transfer crypto from a digital account to non-custodial wallets or move assets between persons via addresses managed by digital depositories. Lending crypto is also prohibited for ordinary users; only licensed entities like brokers and clearing houses may act as lenders. This shift impacts common practices, such as using stablecoins for cross-border payments, which previously relied heavily on P2P networks following Binance's exit from the Russian market.
To facilitate compliance, major financial institutions are entering the regulated space. Sberbank joined the central bank’s crypto exchange register on October 12 and plans to launch its first crypto products on December 1. VTB and T-Invest Lab are also listed. Non-qualified investors face strict limits, including an annual cap of 300,000 rubles (approximately $3,600) and mandatory testing, while qualified investors have no caps. The law maintains a ban on domestic spending of crypto but allows its use in foreign trade settlements.
This regulatory pivot effectively closes the informal crypto market in Russia, forcing all digital asset activity through state-sanctioned channels. By eliminating peer-to-peer swaps and non-custodial wallet transfers, the Bank of Russia asserts comprehensive control over capital flows involving cryptocurrencies. This move aligns with broader efforts to monitor sanctions evasion tactics, particularly those utilizing stablecoins for international settlements, while simultaneously creating a protected monopoly for licensed banks and exchanges.
The immediate implication is a consolidation of power among traditional financial giants like Sberbank and VTB, who are now positioned to capture the retail crypto market. For individual users, the transition poses significant operational risks, as existing habits of direct trading will become unlawful. The strict investment caps for non-qualified buyers further limit market liquidity, potentially driving some activity underground or abroad, though the legal framework aims to make such circumvention increasingly difficult through banking restrictions.
