The Bank of Russia said residents will be prohibited from using self-custodial wallets for crypto asset transactions starting July 1, 2027. Residents will also be prohibited from transferring funds from regulated brokers to self-custodial wallets. Such transactions will only be permitted through licensed brokers or exchanges. Deputy Finance Minister Ivan Chebeskov estimates that approximately 20 million Russians hold crypto assets worth 3.7 trillion rubles, or nearly $44 billion. Sberbank Deputy Chairman Anatoly Popov expects only about 20% of Russia's crypto trading volume to migrate to licensed exchanges.