Russia to Ban Direct P2P Crypto Trades Starting July 2027
The Bank of Russia announced plans to ban direct peer-to-peer (P2P) cryptocurrency transactions between individuals starting July 1, 2027. Until then, such trades without intermediaries remain allowed, but afterwards individuals must use authorized intermediaries. The regulator also forbade transfers of crypto assets to individuals’ own non-custodial wallets. These measures accompany Russia’s expansion of its regulated crypto market and tighter oversight by the central bank.
Ban on Direct P2P Transactions and Transfers to Non-Custodial Wallets
The Bank of Russia updated its guidance confirming that from July 1, 2027, individuals will be prohibited from directly exchanging cryptocurrency peer-to-peer without authorized intermediaries. This ends the period during which such direct P2P trades have been permitted.
The regulator also emphasized that individuals are not allowed to transfer crypto assets from their digital accounts to their own non-custodial (self-custained) wallets. This measure aims to strengthen oversight of digital asset movements and prevent circumvention of regulated channels.
Context and Industry Response
The move by the Bank of Russia is part of an expansion of a regulated crypto market in the country. The central bank recently authorized Sberbank, Russia’s largest bank, as a digital asset custodian and permitted it to offer crypto exchange services.
The new rules effective September 1 brought exchange operators and custodians under central bank supervision, while cryptocurrency payments for goods and services remain banned in Russia.
Industry participants have highlighted enforcement challenges. Jan3 CEO Samson Mow commented that P2P trading is more resilient to regulatory crackdowns than centralized platforms, while SatoshiLabs executive Stepan Uherik noted that bans on wallet apps would not affect hardware and desktop wallets.
Why it matters
The Bank of Russia’s decision fundamentally alters the country’s crypto market infrastructure by prohibiting direct peer-to-peer transactions without intermediaries. This move aims to enhance control and transparency, ensure proper accounting of digital assets, and prevent unregulated operations. It reflects the Russian authorities’ intent to strengthen cryptocurrency regulation and integrate the market into the official financial system, yet raises concerns about enforceability and industry response.
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