MOSCOW, Russia / CryptoWire.AI / – Direct cryptocurrency deals between private individuals in Russia will lose their legal status on July 1, 2027, the country’s central bank has said. In guidance published as a list of frequently asked questions, the Central Bank of Russia said peer-to-peer transactions will be dropped from the list of permitted operations. After that date, Russians will need a regulated intermediary to buy or sell crypto.
The change stems from a law signed by President Vladimir Putin over the summer. It allows cryptocurrencies to be traded only through institutions supervised by the central bank. Exchanges, brokers, asset managers and digital depositories fall into that group. The law took effect in September, according to reports. The central bank’s FAQ was released on October 12, according to industry reports. News of the upcoming ban was first reported by Russian media and later picked up by The Moscow Times.
Russian media noted that the rules could be sidestepped. Sellers might present direct crypto sales as gifts or as the repayment of personal debts. Peer-to-peer markets grew in Russia after Binance exited the country in 2023 by selling its local business. In a typical deal, a buyer transferred rubles to the seller’s bank account and received USDT or another coin in return. The ban targets that informal model, according to reports.
Purchase limits for non-qualified investors
Under the new framework, retail investors may spend up to 300,000 rubles, about $3,690, a year on crypto through each intermediary. Non-qualified buyers will reportedly need to pass a test first. Their choice will be limited to Bitcoin, Ether and the USDT stablecoin. Qualified investors will not face the annual cap. Direct trades between individuals remain legal until the July 2027 deadline. Lending crypto will be restricted to licensed market participants, according to reports.
The Bank of Russia has begun compiling a registry of authorised crypto operators. Twelve entities are listed so far, including state-owned Sberbank and VTB. Sberbank joined on October 12, and T-Invest Lab is also on the list, according to reports. Exchanges and digital depositories have until July 1, 2027 to secure licences. Exchange operators must be Russian companies with equity of at least 15 million rubles.
Cross-border settlements still allowed
Paying for goods and services with cryptocurrency inside Russia remains prohibited under the law. Settlements across borders are not banned. Russia moved to allow digital assets in foreign trade after sanctions restricted its access to global payment systems. It also legalised cryptocurrency mining in 2024. Kaplan Panesh, deputy chair of the State Duma’s budget committee, reportedly described cross-border use as a way to bypass sanctions.
Banks will also have to block clients from topping up crypto wallets on foreign platforms from July 2027, according to reports. They will be required to refuse ruble withdrawals from those services. The measures mean most crypto activity by Russian residents will run through domestic, licensed channels. Individuals and service providers have about eight months to adapt before the deadline. The central bank continues to add operators to its registry.