Russia has announced new cryptocurrency restrictions set to take effect on July 1, 2027, that will fundamentally reshape how residents trade and transfer digital assets. The rules will mandate that all peer-to-peer transactions occur through authorized intermediaries and prevent transfers from regulated digital wallets to personal, self-custody wallets.
P2P Trading Requires Licensed Intermediaries
Under Federal Law 282-FZ, individuals currently can trade cryptocurrencies directly with one another until June 30, 2027. Beginning July 1, Russian residents must conduct all such transactions through authorized intermediaries, including licensed brokers and registered exchange operators.
The transition period allows existing crypto businesses time to obtain required licenses and adjust operations following Russia's broader crypto law implementation on September 1. The central bank identified Article 30 as the regulatory basis for the new P2P trading deadline.
Restrictions on Self-Custody Withdrawals
Guidance issued on October 12 restricts transfers from regulated digital wallets to personal noncustodial wallets, where users manage their own private keys without custodial services. The central bank cited Article 31 in establishing this restriction on account holders withdrawing assets into personal wallets.
The regulator also banned transfers of cryptocurrency between individuals via direct agreements using addresses over digital depositories. However, the guidance does not prohibit ownership of personal wallets themselves, focusing instead on specific types of transfers from regulated accounts.
Licensed Exchanges and Custody Services Remain Available
Residents may continue to purchase and sell cryptocurrencies through authorized cryptocurrency exchanges and brokers. Non-qualified investors can purchase up to 300,000 rubles worth of eligible cryptocurrencies annually through each intermediary, provided they pass required assessments. Qualified investors face no annual purchase limits.
The Bank of Russia opened registration for digital depositories on October 6, with Sberbank becoming the first registered institution. Digital depositories will offer cryptocurrency custody services for Bitcoin, Ethereum, and USDT, recording customer holdings and administering linked addresses.
Moscow Exchange plans to launch cryptocurrency trading on December 1, having begun testing services with professional traders under the new regulatory framework.
Cross-Border and Payment Restrictions
For cross-border transactions, the regulator permits any wallet type to be used by exporters and importers. Cryptocurrencies remain prohibited as payment for goods and services within Russia. Residents engaging in overseas transactions through foreign bank accounts and regulated intermediaries are required to disclose cryptocurrency assets held abroad to Russian tax authorities.
