Russia to Ban Peer-to-Peer Crypto Trading From July 2027
Summary
- The Bank of Russia said direct cryptocurrency trading between individuals will be allowed only through July 1, 2027, and then banned entirely.
- The Bank of Russia also said individuals will not be allowed to transfer cryptocurrency to self-custody wallets.
- The Bank of Russia approved Sberbank's cryptocurrency trading services and its status as a digital-asset custodian, and said Russia is enforcing new cryptocurrency regulations that place exchange operators and custodians under central bank supervision.
Forecast Trend Report by Period
Russia will ban peer-to-peer cryptocurrency trading starting in July 2027.
Cointelegraph reported on Oct. 15 that the Bank of Russia, the country's central bank, will allow direct cryptocurrency trades between individuals only until July 1, 2027, before banning them entirely. It also said individuals will not be permitted to transfer cryptocurrency to self-custody wallets.
The move comes as Russia moves to bring the crypto industry into the regulated financial system. On the same day, the Bank of Russia approved cryptocurrency trading services by Sberbank, the country's largest bank. Sberbank was also recently approved as a digital-asset custodian.
Since last month, Russia has enforced new cryptocurrency regulations that place exchange operators and custodians under central bank supervision. The use of cryptocurrency as payment for goods and services remains banned.
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