Russia to ban peer-to-peer crypto trades: What does it mean for traders?

Russia has confirmed that direct peer-to-peer cryptocurrency transactions between individuals will be prohibited from July 1, 2027, requiring residents to conduct trades through authorized intermediaries. Summary Russia will prohibit direct P2P cryptocurrency transactions between individuals starting July 1, 2027, requiring traders to use authorized intermediaries. The Bank of Russia has clarified that individuals cannot transfer cryptocurrency from regulated digital accounts to personal self custody wallets. Russian traders can continue buying and selling eligible cryptocurrencies through approved exchanges and brokers, subject to investor eligibility requirements and purchase limits. Sberbank has secured approval to provide cryptocurrency exchange services as Russia expands its regulated digital asset market. Industry executives have questioned how authorities will enforce restrictions on direct P2P transactions and independently controlled wallets. According to updated guidance published by the Bank of Russia on Oct. 12, individuals can continue trading cryptocurrencies directly with one another until the deadline, after which such transactions will no longer be permitted under ...