Russia to Ban Crypto P2P Trades From July 1, 2027, as Central Bank Sets the Rules for Licensed Market Participants

Russia’s Central Bank has clarified that peer-to-peer (P2P) crypto transactions will be prohibited from July 1, 2027, and that transfers to a user’s own “cold wallet” will also be banned. For high-risk PSPs and crypto businesses, the key point is simple: the Russian market is being narrowed to licensed intermediaries, with direct person-to-person crypto dealing pushed out of the permitted perimeter.

1. According to the Bank of Russia, buying and selling cryptocurrency between individuals will be forbidden from July 1, 2027. The regulator said P2P operations are allowed only until July 1 of next year, and stressed that such transactions are not provided for under the law “On Digital Currencies and Digital Rights.”
2. The Central Bank also said that sending digital currencies to a user’s own “cold wallet” is prohibited. For operators used to treating self-custody as a routine back-office detail, that is not a small footnote; it changes how crypto flows can be structured around custody, storage, and settlement.
3. The law governing cryptocurrency circulation in Russia entered into force on October 1, while some provisions will only take effect in July 2027. It sets out rules for the Russian crypto market and defines conditions for transactions by qualified and unqualified investors.
4. Only licensed participants will be allowed to conduct crypto market operations: trading organizers, brokers, exchange services (crypto exchanges), and asset managers. In other words, the market is being pushed toward a permissioned model, which is exactly the kind of setup that matters for PSPs, acquirers, and banking partners deciding whether a flow is still worth supporting.
5. Domestic payments for goods, services, and work in cryptocurrency remain banned, but crypto can still be used for cross-border settlements. In October, the Central Bank began adding companies to registers of digital custodians and crypto exchanges; among those already included are VTB, Sberbank, and entities within “T-Technologies.”