Russia’s central bank has announced a sweeping crackdown on cryptocurrency freedom, banning transfers from regulated accounts to self-custody wallets and confirming that direct peer-to-peer crypto trading will be outlawed from July 1, 2027. The Bank of Russia clarified its position in updated guidance published on October 12, saying individuals must now trade exclusively through authorized intermediaries.
Under Federal Law No. 282-FZ, which took effect on September 1, 2026, all crypto trading and custody must occur within a licensed system overseen by the central bank. The new rules mean that an investor who buys Bitcoin through a regulated exchange cannot withdraw it to a personal hardware wallet like Ledger or Trezor, or software wallets like MetaMask and Trust Wallet. Transfers between individuals using addresses administered by regulated digital depositories are also prohibited.
The ban on direct P2P trading is part of the same overhaul. Until the July 2027 deadline, Russians can still exchange crypto assets directly without an intermediary. After that date, such transactions will no longer qualify as permitted operations and must be conducted through registered exchange operators or licensed brokers who trade with their own funds or on behalf of clients.
The central bank is simultaneously expanding its regulated crypto market. On the same day it issued the clarification, it authorized Sberbank, Russia’s largest state-owned bank, and VTB Bank to offer crypto exchange and custody services. Only three assets, Bitcoin, Ether and USDT, have been approved for ordinary investors, with non-qualified investors capped at 300,000 rubles in purchases per year after passing a mandatory risk knowledge test.
While the law does not ban owning a private wallet outright, it restricts how assets move from the regulated financial system. The use of crypto as legal tender for goods and services remains prohibited, though it is permitted for cross-border trade to bypass sanctions. Industry leaders have questioned enforceability, noting that P2P trades and hardware wallets are inherently resilient to centralized restrictions.
Russia Tightens Crypto Rules: Central Bank Bans Self-Custody Withdrawals And Direct P2P Trading From July 2027
