The Bank of Russia has clarified that recent restrictions on self-custody cryptocurrency wallets will not apply to international settlements, ensuring that cross-border payments using digital assets remain permitted for Russian residents.
Regulatory Exemption for International Crypto Transfers
First Deputy Governor Vladimir Chistyukhin stated that non-custodial wallets can still be used for overseas transactions. These wallets enable users to retain exclusive control over their private keys without relying on exchanges or custodial platforms. Chistyukhin provided these remarks at a corporate governance forum hosted by the Moscow Exchange.
Vladimir Chistyukhin indicated that the use of non-custodial wallets remains sanctioned for cross-border crypto payments despite new limitations placed on domestic transactions.
According to the updated regulations, transferring digital assets directly from regulated Russian accounts to self-custody wallets is not allowed. However, investors may move their assets to a regulated foreign custodial platform and then transfer them to personal wallets. This exemption aims to maintain Russia’s capacity for international business transactions via blockchain technology, even as the country institutes tighter domestic controls on digital assets.
Mini dictionary: Vladimir Chistyukhin is the First Deputy Governor of the Bank of Russia, responsible for overseeing financial market regulations including those related to digital assets.
Stricter Controls on Domestic Crypto Transactions
Federal Law No. 282-FZ, which took effect in September, introduced stricter requirements for the operation of licensed crypto trading and custody providers within Russia. These regulations are designed to enhance oversight for platforms operating domestically.
Retail investors in Russia currently face a limit of 300,000 rubles per year in cryptocurrency purchases per intermediary. Prior to making eligible purchases, investors must undergo eligibility checks. Separate and more flexible rules apply to qualified investors, who are subject to alternative standards and thresholds.
Meanwhile, other jurisdictions are also revising their crypto frameworks. For example, South Korea is preparing cross-border crypto transfer reporting obligations for exchanges as part of its broader amendments to foreign exchange rules.
| Country | Major Regulatory Change | Annual Retail Purchase Limit |
|---|---|---|
| Russia | Stricter controls on domestic crypto platforms | 300,000 rubles per intermediary |
| South Korea | Reporting requirements for cross-border crypto transfers | Not specified |
Transition Rules for Peer-to-Peer Transactions
Under the Bank of Russia’s rules, individuals are allowed to conduct direct peer-to-peer cryptocurrency transactions until July 1, 2027. After this transition period, all covered digital asset transactions must be conducted through authorized intermediaries. Existing cryptocurrencies held in personal wallets remain unaffected by the new limitations.
Debates over wallet restrictions have not been limited to Russia. Recent incidents with platforms such as Hyperliquid, where accounts were flagged after transfers related to HTX, have brought attention to monitoring protocols on crypto exchanges. These cases involve separate measures introduced by individual trading platforms.
Expansion of Crypto Exchange Oversight
On October 29, the Bank of Russia recognized the National Association of Securities Market Participants (NAUFOR) as a self-regulatory body responsible for crypto exchanges and digital depositories. The organization will create industry standards, supervise member compliance, and provide advisory support on adherence to new regulations. The Bank of Russia’s official register now lists 23 exchange operators and eight digital depository institutions.
Registered exchange and custody firms in Russia are required to join an approved self-regulatory organization within 90 days of registration. NAUFOR’s role includes drafting operational standards and monitoring adherence to regulatory requirements.
Mini dictionary: NAUFOR, or the National Association of Securities Market Participants, is a self-regulatory organization in Russia tasked with establishing and overseeing professional standards for securities and, more recently, crypto exchanges and depositories.
Sberbank, the country’s largest bank and a registered digital depository, has outlined plans to launch crypto services in December. The Moscow Exchange is also preparing to introduce regulated cryptocurrency trading operations. Elsewhere, Brazil’s Itaú Unibanco has completed the registration of its crypto trading and custody services to comply with the latest guidance from Brazil’s central bank.
