Russia to Ban Direct Peer-to-Peer Crypto Trading from July 2027

Russia plans to ban direct peer-to-peer cryptocurrency trading starting July 1, 2027, while separate rules already prohibit transfers from digital accounts to self-custodial wallets.

Russia plans to ban direct P2P crypto transactions from July 1, 2027, while separate laws currently prohibit transfers from digital accounts to self-governing wallets.

Starting next year, Russia will ban direct peer-to-peer (P2P) cryptocurrency transactions between individuals, requiring individuals to use authorized intermediaries for such transactions.

Bank of Russia, the country's central bank, explained in a directive updated on Monday that the restriction would end the ability of individuals to directly exchange crypto assets without intermediaries. The regulator confirmed that such transactions will only be allowed until July 1, 2027.

The regulator also clarified that individuals are not allowed to transfer crypto assets from their digital accounts to their offline or self-custodial wallets.

The move comes as Russia expands its legal crypto market. On Monday, the Bank of Russia allowed Sberbank, the country's largest bank, to offer crypto exchange services after being previously approved as a custodian of digital assets.

The approval follows Russia's new crypto rules, which came into effect on September 1 and put exchange operators and custodians under the supervision of the central bank. The country also continues to ban cryptocurrency payments for goods and services.

Industry executives have previously told Cointelegraph that imposing restrictions on P2P crypto trading and offline wallets may be difficult. Samson Mo, CEO of Jan3, said P2P transactions are more resilient to regulatory crackdowns than centralized platforms, while Stepan Uherik, director of SatoshiLabs, said the ban would leave hardware wallet apps and desktop wallets unaffected.