MOSCOW, Russia / CryptoWire.AI / – Russian citizens will no longer be able to buy or sell cryptocurrency directly with each other from July 1, 2027, according to guidance from the Bank of Russia. The central bank said in a set of frequently asked questions that peer-to-peer transactions between individuals will be removed from the list of legal operations after that date. All trades will then have to pass through state-regulated intermediaries.
The guidance follows a law that President Vladimir Putin signed over the summer. Under the law, cryptocurrencies may be bought and sold only through institutions regulated by the central bank. These include exchanges, brokers, asset managers and digital depositories. The FAQ was published on October 12, according to industry reports. The Moscow Times reported on the looming ban on October 15, citing the regulator’s guidance.
Media outlets that first reported the change said some individuals may try to get around it. They could disguise direct crypto sales as personal gifts or as debt repayments. Peer-to-peer trading became a common route for Russians after Binance sold its Russian business and left the market in 2023. Buyers typically sent rubles to a seller’s bank account in exchange for stablecoins such as USDT.
Retail buyers face annual purchase cap
Retail investors will be limited to purchases of 300,000 rubles, or about $3,690, a year through each intermediary. Reports said non-qualified investors must also pass a test before buying. They will be able to purchase only Bitcoin, Ether and USDT. Qualified investors are exempt from the annual limit. Trades through licensed platforms will be subject to central bank supervision. The cap applies separately to each licensed intermediary a buyer uses.
The Bank of Russia has started to build an official registry of authorised crypto operators. It currently includes 12 entities, among them the state lenders Sberbank and VTB. Reports said Sberbank joined the registry on October 12, while T-Invest Lab has also been registered. Crypto exchanges and digital depositories must obtain the required licences by the same July 1, 2027 deadline. Exchange operators must be Russian companies with at least 15 million rubles in equity, according to reports.
Domestic crypto payments remain banned
The law prohibits the use of cryptocurrency for payments inside Russia. Cross-border settlements, however, are still allowed. Russia has already opened the door to digital assets in foreign trade as Western sanctions limit access to traditional payment channels. It legalised crypto mining under a separate law in 2024. Kaplan Panesh, deputy chair of the State Duma’s budget committee, reportedly described cross-border use as a way to bypass international sanctions.
From July 2027, banks will also have to stop clients from funding crypto wallets on foreign platforms, according to reports. Lending crypto will be limited to licensed market participants. Until the deadline, direct trades between individuals remain legal. Users and service providers have about eight months to adjust to the new rules. The central bank continues to add operators to its registry. The deadline matches the date by which exchanges and depositories must be licensed.