Russia has banned direct peer-to-peer (P2P) cryptocurrency trading, along with retail transfers to self-custody wallets. The Bank of Russia announced the update to the comprehensive crypto regulations that President Vladimir Putin signed into law in August. P2P trading lets buyers and sellers exchange crypto directly, typically through escrow-based marketplace platforms rather than a centralized exchange, while self-custody wallets give holders sole control of their private keys — the opposite of the regulated custody model the new framework is built around.

Grace period until July 1, 2027

Under the new rules, crypto traders have a grace period that runs until July 1, 2027. Once that deadline passes, the central bank will prohibit P2P trading in its entirety, replacing it with trading routed through state-licensed intermediaries. Until the ban takes full effect, further guidance from the Bank of Russia on licensing and compliance is the key implementation detail to watch.

The second part of the guidelines prohibits individuals from moving their cryptocurrencies out of regulated wallets and into non-custodial or self-custodial wallets. The restriction covers hardware wallets such as Ledger and Trezor, as well as software wallets such as Trust Wallet and MetaMask.

State-licensed intermediaries designated

The state-licensed intermediaries and regulated custodians in this context include Sberbank, Russia's largest state-owned commercial bank, and VTB. The country's central bank, which also serves as the primary crypto regulator, recently authorized both entities to offer crypto custody and exchange services.

Limits, exceptions and permitted assets

Notably, the crypto regulations that came into force on September 1 mandated a crypto risk knowledge test that investors must pass before trading legally. Under that law, investors are divided into two categories:

• Non-qualified investors: annual crypto purchases are limited to 300,000 rubles (roughly $3,840). They can only purchase Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), which the Bank of Russia considers highly liquid digital assets.
• Qualified investors: institutions and professionals who, once certified, face no limits on their crypto purchasing power.

In addition, using cryptocurrencies as a form of legal tender remains illegal. Mined cryptocurrencies can circulate, provided they originate from licensed domestic miners.

On the international front, Russians can trade and hold cryptocurrencies abroad as long as they use foreign bank accounts and file the necessary tax reports. While domestic crypto use remains highly controlled, Russia has allowed cryptocurrencies to be used for cross-border import-export transactions as a way of bypassing international sanctions. Read together, the rules draw a clear split between tightly gated retail access at home and state-permitted crypto use in foreign trade.

Community reaction

Social media commentary on the announcement was largely critical, with users arguing that the stringent and tight regulations run counter to the fundamental decentralization and permissionless ethos of blockchain technology and cryptocurrencies.

Russia killed on-chain trading

— Sharky (@SharkyCT) October 15, 2026