Russia will close an important door in its crypto market. From July 1, 2027, two individuals will no longer be able to directly buy or sell bitcoin or other cryptocurrencies between them. The Bank of Russia has just confirmed this in an FAQ published on October 12. Transactions must go through an authorized intermediary, in particular a broker or a platform registered with the regulator.
In brief
- P2P crypto trading between individuals will remain legal until July 1, 2027.
- After this date, transactions must go through authorized intermediaries.
- Non-qualified investors will remain limited to 300,000 rubles in annual purchases per intermediary.
Russia gives P2P crypto trading eight months
The Bank of Russia now no longer leaves much room for doubt. Its new regulatory FAQ specifies that crypto transactions carried out directly between two individuals are permitted only until July 1, 2027. After this date, Federal Law No. 282-FZ will no longer include them in authorized transactions without an intermediary.
This restriction was already in the works when the Duma adopted its new crypto framework in July. Concretely, purchasing bitcoins directly from another individual against a transfer in rubles will no longer be able to work as it does today.
However, this type of exchange plays an important role in Russia. After Binance withdrew from the Russian market in 2023, many users continued to purchase USDT in particular via P2P transactions, with payment sent directly to the seller’s bank account.
This model is now approaching its end date. The change does not mean that Russia is banning Bitcoin, however. The country instead organizes its market around identifiable and supervised intermediaries.
Bitcoin, Ethereum and USDT go through approved intermediaries
From July 2027, residents will have to go through authorized actors to “organize the circulation” of cryptocurrencies. The category includes, in particular, brokers and exchange platforms registered with the Bank of Russia.
The new system also distinguishes investors. An unqualified individual will have to pass a test before being able to purchase cryptocurrencies. Its purchases will be capped at 300,000 rubles per year per intermediary, or around $3,600 at current exchange rates.
Qualified investors will not be subject to this limit. Bitcoin, Ethereum and USDT are already among the assets accessible to ordinary investors in the new Russian system.
Banks are also quickly entering this market. Sberbank is already testing the purchase and sale of bitcoin, ether and USDT and plans its first crypto products for December 1st. VTB is also preparing its own services. Russia is thus moving from a market where a significant part of crypto transactions escaped traditional financial infrastructures to a much more centralized system.
Moscow opens up crypto while strengthening its control
Another restriction appears in the new details from the Central Bank. Individuals will not be able to transfer cryptocurrencies stored in a Russian digital account to their own non-custodial wallet. In other words, the autonomous conservation of assets purchased in certain regulated infrastructures becomes much more limited.
Cryptocurrency loans are also regulated. Ordinary users will not be able to freely act as lenders in this system. This activity will be reserved for certain authorized institutions. Moscow has been following the same line for several months: authorizing crypto, but maintaining control of entry and exit points.
Russia already allows some crypto payments in international trade, while their use to purchase goods and services within the country remains prohibited. P2P now joins this control strategy. For Russian users, Bitcoin will not disappear on July 1, 2027. They will still be able to buy and sell it. But much less directly than today.
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