Russia to Prohibit Direct P2P Cryptocurrency Transactions by July 2027
- Starting July 1, 2027, individuals in Russia will be banned from direct peer-to-peer (P2P) cryptocurrency transactions.
- The Bank of Russia clarified that individuals cannot transfer crypto assets to their own non-custodial wallets.
- Sberbank has been authorized to provide crypto exchange services as part of the expanded regulated crypto market.
- New regulations effective September include oversight for exchange operators and custodians by the central bank.
- Cryptocurrency payments for goods and services remain prohibited in Russia.
This regulatory shift aims to enhance control over the cryptocurrency market while limiting direct transactions among individuals. Industry experts suggest that enforcing these restrictions may pose challenges due to the resilience of P2P trading against regulatory measures.
As of July next year, all direct P2P cryptocurrency trades will require authorized intermediaries, marking a significant change in Russia’s approach to digital asset regulation. (Source)
