Russia has put self-custody wallets on "probation"
On October 12, the Russian central bank updated its guidance. Starting July 1, 2027,
Direct P2P trades between individuals will be illegal
And you won’t be able to transfer coins from a regulated account to your own cold wallet
Eight months to go
First, get this straight: it’s not a crypto ban
Holding a self-custody wallet isn’t illegal, and gifts and inheritance are allowed
What’s banned is "buying and selling outside the banking system"
From now on, you’ll have to use one of 13 licensed institutions. Sberbank and VTB are on the list
Sberbank is launching its product as soon as December 1
The figures are striking
Russia’s deputy finance minister says around 20 million people
hold 3.7 trillion rubles’ worth of crypto assets, nearly $44 billion
But Sberbank’s deputy chairman himself estimates
that only around 20% of trading volume will move to licensed exchanges
Where will the other 80% go?
To foreign exchanges, to gray-market channels, or simply nowhere
A P2P ban is unlikely to stop 20 million people
The real thing to think about is the direction Russia has chosen
"Custodialization": hand the keys to the banks, where regulators can see them
That’s the exact opposite of "not your keys, not your coins"
Little impact on prices, but a big impact on the narrative
Only a limited share of those $44 billion can be brought under regulation
But the phrase "a major power rejects self-custody" will be quoted again and again
BTC is at 82,000 now. Don’t chase the trade based on this news
Keep an eye on the Moscow Exchange launch on December 1
That will be the first gateway for Russian funds
The tighter the regulation, the more appealing hardware wallets become 😂
But laws can change; private keys don’t grow legs and walk away
$BTC
#俄央行称2027年7月禁自托管钱包交易 #监管 #比特币
On October 12, the Russian central bank updated its guidance. Starting July 1, 2027,
Direct P2P trades between individuals will be illegal
And you won’t be able to transfer coins from a regulated account to your own cold wallet
Eight months to go
First, get this straight: it’s not a crypto ban
Holding a self-custody wallet isn’t illegal, and gifts and inheritance are allowed
What’s banned is "buying and selling outside the banking system"
From now on, you’ll have to use one of 13 licensed institutions. Sberbank and VTB are on the list
Sberbank is launching its product as soon as December 1
The figures are striking
Russia’s deputy finance minister says around 20 million people
hold 3.7 trillion rubles’ worth of crypto assets, nearly $44 billion
But Sberbank’s deputy chairman himself estimates
that only around 20% of trading volume will move to licensed exchanges
Where will the other 80% go?
To foreign exchanges, to gray-market channels, or simply nowhere
A P2P ban is unlikely to stop 20 million people
The real thing to think about is the direction Russia has chosen
"Custodialization": hand the keys to the banks, where regulators can see them
That’s the exact opposite of "not your keys, not your coins"
Little impact on prices, but a big impact on the narrative
Only a limited share of those $44 billion can be brought under regulation
But the phrase "a major power rejects self-custody" will be quoted again and again
BTC is at 82,000 now. Don’t chase the trade based on this news
Keep an eye on the Moscow Exchange launch on December 1
That will be the first gateway for Russian funds
The tighter the regulation, the more appealing hardware wallets become 😂
But laws can change; private keys don’t grow legs and walk away
$BTC
#俄央行称2027年7月禁自托管钱包交易 #监管 #比特币