Russians will have until July 1, 2027, to conduct peer-to-peer cryptocurrency trades before the practice becomes illegal. The Bank of Russia confirmed the timeline in updated guidance posted October 12, citing Federal Law No. 282-FZ, which President Vladimir Putin signed on August 4 and took effect September 1.
Under the new rules, individuals will only be able to trade cryptocurrency through licensed brokers or exchange organizations registered with the Bank of Russia. Direct trades between two people, such as exchanging rubles for Bitcoin without a regulated intermediary, will no longer be permitted after the deadline.
The law also restricts other crypto activities for ordinary users. Individuals cannot transfer cryptocurrency from a digital account to their own non-custodial wallet, where they would hold private keys independently. Transfers between individuals through addresses run by licensed digital depositories are also prohibited, even to settle trades. Cryptocurrency lending is similarly restricted to licensed brokers, trustees, exchange organizations, and clearing houses.
The restrictions will affect how Russians currently obtain stablecoins. Since Binance exited the Russian market in 2023, peer-to-peer trading has been a standard method for buyers to wire rubles to sellers in exchange for dollar-pegged tokens like USDT. From July 2027, Russian banks will be required to refuse clients attempting to fund crypto wallets on foreign platforms and will not accept rubles withdrawn from those platforms.
Non-qualified investors will face spending limits on cryptocurrency. Without professional investor status, individuals must pass a test and can purchase only up to 300,000 rubles (approximately $3,600) in crypto annually. Qualified investors face no cap. Bitcoin, Ethereum, and USDT are the only cryptocurrencies approved for non-qualified buyers.
Sberbank, Russia's largest lender, joined the central bank's registry of crypto exchange organizations on October 12 and plans to launch its first crypto products on December 1. VTB and T-Invest Lab are also registered as crypto exchange organizations.
Crypto exchange organizations must be Russian companies with at least 15 million rubles in equity. While registration is required, the law permits these organizations to continue operating without registration until July 1, 2027.
The legislation maintains Russia's existing ban on using cryptocurrency to purchase goods and services domestically, though crypto remains permitted in foreign trade settlements.
