Russia’s Central Bank bars individuals from transferring crypto to their own cold wallets

The Central Bank of Russia has said individuals cannot transfer cryptocurrency to their own non-custodial, or “cold,” wallet, according to TASS, which cited the regulator’s explanations. For high-risk payment players, the important bit is that Russia is building a model where crypto flows are pushed through licensed intermediaries, not left to peer-to-peer free-for-all.

1. The regulator’s clarification means that, in Russia, private individuals will be able to conduct crypto purchase and sale transactions with each other only until 1 July 2027.
2. The distinction matters: in a custodial model, crypto assets are held on a blockchain administered by a professional market participant, while in a non-custodial model the right to control the digital currency belongs exclusively to the owner.
3. In July, the State Duma passed the law that became the basis for regulating Russia’s crypto market. It says digital currencies will not be accepted as payment for goods and services inside the country, and all transactions will have to go through licensed intermediaries connected to trading venues such as exchanges and OTC desks.
4. Under that framework, digital custodians will be responsible for storing and accounting for crypto assets. The law entered into force on 1 September, but a significant part of the regulation will arrive later through Central Bank by-laws.

For PSPs, acquirers, and banking partners watching Russia, the direction of travel is clear: regulated rails first, self-custody second, and domestic crypto payments not at all. That usually means tighter control over who touches the flow, how it is recorded, and which counterparties can be plugged into the market at all.