New rules will cap direct P2P crypto trades and transfers via self-custody in Russia, omits them.

Russia has announced new crypto restrictions which will take effect on July 1st, 2027, that will ban direct P2P transfers from an approved intermediary and limit transfers between centrally managed crypto wallets and individual, self-custodial crypto wallets throughout the country.

By July 2027, Russia will be prohibiting direct P2P crypto trading.

According to Federal Law 282-FZ, until 30th June 2027 people will be able to make direct trades with other people without the involvement of exchanges. As of July 1, such transactions will only be allowed for the Russian people by intermediaries that are registered and licensed, which include licensed brokers and registered exchange operators.

The allowed providers include licensed brokers and registered exchange operators, as determined by the regulator. The central bank mentions Article 30 in its official guidance, as the basis for the new P2P deadline. As of July 1, 2027, people won't be able to exchange cryptocurrencies directly with one another without any intermediaries.

The crypto law came into force on September 1, with the provisions regarding the trading, access to custodial services and investors. The law also gives crypto enterprises a transition period in order to get the necessary licenses and adapt their operations.

Crypto Transfers will be restricted to cryptocurrency personal wallets in Russia.

There are some funds that will be moving from a regulated digital wallet to an individuals wallet; the October 12 guidance is related to these funds. According to the central bank, which is citing Article 31, the assets of the account holders cannot be taken out in noncustodial wallets. In such wallets, the users have full control over their private keys, i.e., they do not need to rely on a custodial service to manage their keys.

The regulator also has a ban on transfers between the addresses on digital depositories by people. Its explanation is about transfers via direct agreements with the account holders. The guidance doesn't prevent ownership of a personal wallet, but rather is concerned with certain transfers.

On October 6, the Bank of Russia started to register digital depositories, and Sberbank was the first to be registered. As mentioned earlier, the bank will be offering Bitcoin, Ethereum and USDT custody services. Digital depositories can keep a customer's cryptocurrency holdings and manage the addresses of customers in their account.

The new rules will not prevent licensed crypto exchanges from functioning.New rules will not hamper the operations of the licensed crypto exchanges.

The bank of Russia has said that people are still allowed to purchase and sell cryptocurrencies via authorised cryptocurrency exchanges and brokers. If they pass the assessment, in July announced rules, non-qualified investors can purchase up to 300 thousand rubles worth of eligible cryptocurrencies each year from each intermediary.

Moreover, qualified investors can buy and sell, but there is no cap on the amount of purchases per year in the framework. In the case of cross-border transactions, the regulator has given the liberty to any wallet to be used by the exporter and importer. But cryptocurrencies are not accepted as a form of money to pay for products and services in Russia.

There are different regulations applicable for residents in their foreign bank accounts and regulated intermediaries when they are involved in transactions overseas. They must submit the information on cryptocurrencies held outside Russia to the Russian tax authorities.

Meanwhile, Moscow Exchange is planning to open the trading platform of cryptocurrencies on December 1. The exchange has started to test the service with professional traders in accordance with the new regulations in Russia. Effective September 1, 2027, registered firms will have to follow the transaction rules and remain subject to any other operational rules.

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