The Bank of Russia announced that peer-to-peer cryptocurrency trading between individuals will remain legal until July 1, 2027, after which such transactions will be prohibited under a newly enacted law. This development was confirmed in an official FAQ published on October 12 as the regulator clarified updated rules for digital currency operations in the country.
Law restricts direct crypto trades
The framework is outlined in Federal Law No. 282-FZ, “On Digital Currencies and Digital Rights,” which President Vladimir Putin signed on August 4. The law took effect in September, and Article 30 specifies the types of crypto transactions permitted without a licensed intermediary. Beginning July 2027, direct trades between private individuals will no longer be allowed.
Instead, crypto trading must take place through or directly with companies authorized to “organize the circulation” of digital currencies. These organizations include brokers licensed by the Bank of Russia and crypto exchanges registered in the central bank’s official registry.
The Bank of Russia also confirmed that individuals are not permitted to transfer crypto from digital accounts to their own non-custodial wallets or send assets to another person through addresses maintained by digital depositories. These companies are licensed to record ownership of coins, but using their infrastructure for person-to-person trades or transfers remains off-limits.
Stablecoin access and peer-to-peer model targeted
The regulations target the standard peer-to-peer model that has become popular since Binance exited the Russian market in 2023 by selling its operations to CommEX. Many residents have used this approach to obtain stablecoins such as USDT, transferring rubles to sellers’ bank accounts in exchange for digital tokens. This method will be expressly prohibited from July 2027.
Crypto exchange organizations must be Russian companies with at least 15 million rubles in equity and must appear in the central bank’s registry. However, these businesses can continue operating without registration until July 1, 2027.
Lending crypto is also tightly regulated; only licensed brokers, trustees, exchange operators, and clearing houses are authorized to issue crypto loans. Ordinary users will not be able to lend or borrow crypto directly between each other.
Limits on investor activity and foreign platform funding
The Bank of Russia’s guidelines also introduce strict limits on non-qualified investors. These individuals must pass a test and can purchase up to 300,000 rubles (about $3,600) of digital assets annually. Qualified investors are not subject to these restrictions. For non-qualified investors, only Bitcoin, Ethereum, and USDT are authorized for purchase.
Starting in July 2027, Russian banks will also be required to block clients from funding crypto wallets on foreign platforms and refuse to process ruble withdrawals from those services. Legal experts note that these requirements will make accessing international exchanges significantly more difficult for ordinary users.
Russian banks enter crypto exchange market
On October 12, Sberbank, Russia’s largest lender, joined the registry of approved crypto exchange organizations and plans to introduce its first crypto products by December 1. VTB and T-Invest Lab are also registered to provide authorized crypto services in accordance with the new regulations.
The law maintains a domestic ban on spending crypto for goods and services but allows digital currencies to be used for foreign trade settlements. Kaplan Panesh, deputy chair of the Duma’s budget committee, openly characterized this as a mechanism to bypass international sanctions when the bill went through parliamentary review earlier this year.
From July 1, 2027, peer-to-peer deals—where two people swap rubles for coins without a regulated middleman—will no longer be legal, the Bank of Russia confirmed this week.
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