Russia to Ban Peer-to-Peer Crypto Trading From July 2027
Russia will prohibit individuals from trading cryptocurrencies directly with one another from July 1, 2027, as the country moves toward a more tightly regulated digital asset market. The restrictions will affect peer-to-peer (P2P) transactions, a popular method for Russians to exchange rubles for cryptocurrencies such as Bitcoin and USDT.
The Bank of Russia confirmed the upcoming changes in updated guidance published on October 12. The rules stem from Federal Law No. 282-FZ, which President Vladimir Putin signed on August 4 and which took effect on September 1.
Under Article 30 of the legislation, Russian residents will no longer be permitted to conduct crypto transactions directly between individuals without an authorized intermediary once the July 2027 deadline arrives.
Instead, crypto trading must take place through companies authorized to organize digital currency transactions, including licensed brokers and registered cryptocurrency exchange operators.
New Restrictions on Crypto Transfers and Loans
The changes extend beyond direct trading. Individuals will also face restrictions on transferring cryptocurrency from digital accounts to their own non-custodial wallets, where users control their private keys themselves.
Transfers between individuals through addresses managed by licensed digital depositories will also be prohibited, including transactions intended to settle private crypto trades.
Crypto lending will face additional limits. Under the new framework, only authorized brokers, trustees, exchange operators and clearing houses will be allowed to lend digital assets.
The measures could significantly change how Russian residents acquire and transfer cryptocurrencies, particularly stablecoins.
Since Binance sold its Russian business to CommEX in 2023, peer-to-peer transactions have remained a common way for users to obtain USDT. Buyers typically send rubles to sellers through bank cards or transfers and receive the dollar-pegged stablecoin in return. The new rules will bring this type of arrangement to an end.
Banks to Face New Crypto Payment Restrictions
Russian banks will also have a role in enforcing the restrictions. From July 1, 2027, they will be required to reject payments from customers seeking to fund crypto wallets on foreign platforms. They will also be prohibited from accepting rubles withdrawn from those platforms, according to legal commentary reported by Kommersant FM.
Access to cryptocurrencies will continue to depend on an investor's classification. Non-qualified investors must pass a test and will be subject to an annual purchase limit of 300,000 rubles, worth approximately $3,600. Qualified investors will not face the same purchase cap.
For non-qualified buyers, the central bank's approved list currently includes Bitcoin (BTC), Ethereum (ETH) and Tether's USDT stablecoin.
Russian Banks Prepare Crypto Products
Financial institutions are already preparing for the new regulatory environment. Sberbank, Russia's largest bank, was added to the central bank's register of cryptocurrency exchange organizations on October 12 and plans to introduce its first crypto products on December 1, according to Interfax.
VTB and T-Invest Lab are also included in the register.
To qualify as a cryptocurrency exchange organization, a company must be registered in Russia, maintain at least 15 million rubles in equity capital and appear on the central bank's official list. Existing operators can continue working without registration until July 1, 2027.
Despite the changes, cryptocurrencies will remain prohibited as a means of payment for domestic goods and services. However, the legislation preserves an exception for using digital assets in foreign trade settlements, a provision Russian lawmakers have linked to the country's efforts to navigate international sanctions.
The July 2027 deadline marks a major shift in Russia's crypto market, moving transactions away from informal person-to-person arrangements and toward a system centered on registered exchanges and authorized financial companies.