ChainCatcher report: In its updated regulatory guidance, the Central Bank of Russia stated that arrangements for individuals to conduct peer-to-peer (P2P) transactions in crypto assets will remain in effect until July 1, 2027, after which such transactions must be conducted through authorized intermediaries. The Central Bank of Russia also clarified that individuals are prohibited from transferring crypto assets from digital accounts to self-custody wallets. Russia is expanding its regulated crypto market, with Sberbank, the country’s largest bank, now approved to offer crypto asset trading services, following its prior authorization as a digital asset custodian. Russia’s new crypto asset regulatory framework took effect on September 1, bringing transaction operators and custodians under the supervision of the Central Bank of Russia; however, the use of cryptocurrencies for paying for goods and services remains prohibited. Jan3 CEO Samson Mow stated that P2P transactions are more resilient to regulatory crackdowns than centralized platforms.
Russia to Ban Direct P2P Crypto Transactions from 2027
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Summary
Russia’s crypto legislation will phase out direct peer-to-peer crypto transactions by July 1, 2027, according to updated Central Bank rules. Starting on that date, all such trades must be conducted through licensed intermediaries. The legislation also prohibits transferring crypto from digital accounts to self-custody wallets. Sberbank, Russia’s largest bank, is now permitted to offer crypto services after being approved as a custodian. The new crypto restrictions took effect on September 1, placing operators and custodians under the Central Bank’s oversight. Crypto payments remain illegal. Jan3’s Samson Mow noted that peer-to-peer transactions are more difficult to regulate than centralized platforms.
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