Russia’s central bank has clarified that its newly enacted digital currency law bans individuals from making peer-to-peer cryptocurrency transfers and prohibits the movement of crypto assets to non-custodial wallets. The regulation, which came into effect on September 1, strictly defines the legal frameworks for acquiring, storing, and trading digital currencies in the country.
New restrictions on personal transactions
The Central Bank of Russia (CBR) asserted that direct cryptocurrency transfers between individuals are not allowed under Part 5 of Article 31 of Federal Law No. 282-FZ. This regulation is rooted in the country’s law “On digital currencies and digital rights,” introduced earlier this year. The CBR emphasized this point through a recent Q&A session, making it clear that personal digital currency transfers via identifier addresses are not permitted.
“No, transfers of digital currency between individuals are not permitted under Part 5 of Article 31 of Federal Law No. 282-FZ.”
Under the new framework, Russians can legally store and move cryptocurrencies solely via custodial wallets managed by organizations authorized by the central bank. This approach replaces previous options and tightens oversight over the flow of digital assets in the country.
A temporary window allows certain digital asset transfers outside these regulated platforms, but only until July 1, 2027. According to the central bank, permitted coin operations during the transition period can still occur without licensed intermediaries. However, after this deadline, such activities will be fully restricted.
The institution specifically stated that transferring digital currency from an individual to a non-custodial wallet is not allowed under the recent law, which took effect last month.
The Russian parliament adopted the digital currency bill in July before its ratification by President Vladimir Putin in August. The law became effective in early September, formally recognizing cryptocurrencies and related operations but limiting their use to infrastructure controlled by domestic authorities.
Licensed exchanges and custodians
Approved participants in the new regulatory environment include more than 10 organizations, among them Russia’s largest lender, Sberbank. The state-backed institution now joins a growing list of licensed crypto exchanges and custodians permitted to provide services within the legal system.
Alongside Sberbank, the Moscow Exchange (MOEX), Saint Petersburg’s SPB Exchange, state-run VTB, and private banks such as T-Bank have prepared to commence regulated crypto trading by year-end. Recent reports indicate that the central bank has authorized 11 entities for crypto trading operations.
Several other companies have also received approval as part of Russia’s efforts to expand its regulated crypto ecosystem. The Atomyze tokenization platform, the blockchain developer Voltari, and an entity called Cloud Infrastructure will serve as custodians. Zefir, Moy Bitcoin, and Paradise Technology are among the newly recognized exchanges.
For now, Russian retail investors are permitted to access only Bitcoin, Ethereum, and Tether‘s USDT. Market launch preparations are ongoing, with the official government newspaper Rossiyskaya Gazeta confirming trading is expected to start before the end of this year.
| Entity | Type | Status |
|---|---|---|
| Sberbank | Lender, Exchange, Custodian | State-backed, Approved |
| MOEX, SPB Exchange | Exchange | Authorized |
| Atomyze | Custodian, Tokenization Platform | Approved |
| Zefir, Moy Bitcoin, Paradise Technology | Exchange | Licensed |
| Voltari, Cloud Infrastructure | Custodian | Approved |
Some major Russian financial institutions and crypto platforms have faced Western sanctions due to allegations that Russia is using crypto channels to sidestep international financial restrictions linked to its actions in Ukraine. Sberbank, VTB, and Atomyze are among those targeted.
Mini dictionary: Atomyze is a Russian tokenization platform and custodian, specializing in digital asset management under regulatory supervision.
