Russia will prohibit direct peer-to-peer (P2P) cryptocurrency transactions between individuals from July 1, 2027, requiring residents to buy and sell digital assets through authorized intermediaries. The Bank of Russia has also clarified restrictions on transfers from regulated digital accounts to personal self-custody wallets.

Deadline Set for Direct Crypto Transactions

The restrictions are set out in guidance updated on Oct. 12, which cites Article 30 of Federal Law No. 282-FZ. Direct cryptocurrency transactions between individuals will remain permitted until June 30, 2027. After that date, residents must conduct purchases and sales through licensed brokers or registered cryptocurrency exchange operators, placing crypto trading within a regulated system supervised by the central bank.

The measures build on Russia's broader cryptocurrency regulatory framework, which took effect on Sept. 1, 2026. The rules establish requirements for trading platforms, custodians, and investor access while allowing existing businesses time to secure approvals.

Several institutions have already entered the regulated market. VTB, Zefir, Sistema Crypto, and T Invest Lab were identified among the initial registered exchange operators, while Sberbank and other institutions have moved toward providing cryptocurrency custody services. The intermediary requirement therefore channels individual trading toward the same supervised institutions that are now building exchange and custody services under the framework.

The restrictions could significantly change how Russian traders access digital assets. Users who previously exchanged cryptocurrencies directly with other individuals will need to rely on approved service providers. Because the direct channel remains lawful until June 30, 2027, residents have a defined window to move to intermediaries as more institutions complete the approval process.

Self-Custody Transfers Face Separate Restrictions

The central bank has additionally clarified that individuals cannot transfer cryptocurrency from regulated digital accounts into their own noncustodial wallets, which allow users to control their private keys without relying on a custodian. The restriction concerns transfers out of regulated accounts rather than ownership of personal wallets themselves. The guidance also addresses transfers between individuals through address identifiers administered by digital depositories. Read alongside the trading rules, the clarification marks the boundaries of the regulated system: trading can proceed through approved intermediaries, while holdings in regulated accounts cannot move directly to wallets under the user's control.

Cryptocurrency purchases remain possible through authorized intermediaries, subject to investor classifications and applicable limits. Non-qualified investors must complete an assessment and can purchase eligible cryptocurrencies worth up to 300,000 rubles annually through each intermediary. Qualified investors face testing requirements but do not have the same annual purchase ceiling under the framework. Because the ceiling applies per intermediary, a non-qualified investor's purchase capacity depends partly on how many intermediaries they use.

Russia continues to prohibit cryptocurrency payments for domestic goods and services. However, businesses can use digital assets for qualifying cross-border trade transactions under applicable rules.

Financial institutions are also preparing new services alongside the regulatory changes. Sberbank plans to introduce cryptocurrency products, while Moscow Exchange has announced plans to enable cryptocurrency transactions from Dec. 1, 2026 — seven months before the P2P channel closes.

The July 2027 deadline therefore marks another stage in Russia's shift toward supervised cryptocurrency trading. Traders will need to adapt to approved intermediaries and the separate restrictions governing transfers from regulated accounts.