Russia Sets July 2027 Deadline for Prohibiting Direct Cryptocurrency P2P Transactions
From July 1, 2027, Russia will implement a complete ban on direct peer-to-peer cryptocurrency trading, with existing regulations also blocking transfers from digital accounts to personal self-custody wallets.
Starting next year, Russia will implement a prohibition on direct peer-to-peer (P2P) cryptocurrency exchanges between private parties, mandating that all individuals conduct such trades through authorized intermediary platforms.
The new limitation will eliminate the possibility for individuals to conduct direct crypto asset exchanges without going through intermediaries, according to guidance that the Bank of Russia, the nation's central banking authority, updated on Monday. The regulatory body confirmed that individuals will be allowed to engage in such direct transactions only through July 1, 2027.
Additionally, the regulatory authority has made clear that private individuals cannot move crypto assets from their digital accounts into their personal non-custodial, or self-custodial, wallet solutions.
This development arrives as Russia continues to build out its regulated cryptocurrency marketplace. On Monday, the Bank of Russia granted authorization to Sberbank, the nation's biggest banking institution, to provide crypto exchange services following its previous approval as a digital asset custody provider.
The authorization comes in the wake of Russia's updated crypto regulations, which took effect on Sept. 1 and placed exchange operators and custodial services under the supervision of the central bank. The nation also maintains its prohibition on using cryptocurrency as payment for goods and services.
Executives from the industry have previously shared with Cointelegraph that enforcing restrictions on P2P crypto trading and noncustodial wallets may prove challenging. Jan3 CEO Samson Mow said P2P trading is more resilient to regulatory crackdowns than centralized platforms, while SatoshiLabs executive Stepan Uherik said wallet app bans would leave hardware and desktop wallets unaffected.