Russia to End Peer-to-Peer Crypto Trading by July 2027
- The Bank of Russia announced that peer-to-peer crypto trades will be illegal starting July 1, 2027.
- Individuals will not be able to transfer crypto from digital accounts to non-custodial wallets or through depository-run addresses.
- Sberbank joined the central bank’s crypto exchange register on October 12, planning to launch its first products on December 1.
- From July, Russian banks must refuse clients funding crypto wallets on foreign platforms and accepting rubles from those platforms.
- Non-qualified investors can buy up to $3,600 worth of crypto annually after passing a test, while qualified investors face no cap.
The new regulations from the Bank of Russia aim to restrict direct peer-to-peer cryptocurrency trading among individuals by July 2027, requiring transactions to go through licensed intermediaries instead. This move is part of broader efforts to regulate digital currencies within the country, impacting how Russians engage with cryptocurrencies like Bitcoin and Ethereum.
These changes mean that after July, Russians will need to rely on licensed brokers or exchanges for their crypto transactions, significantly altering the current landscape where peer-to-peer trades are common. (Source)
