Russia Tightens Crypto Regulations, Sets Deadline for P2P Trading Ban
- Russia mandates crypto transfers through one of the 13 licensed exchanges by July 2027.
- Direct peer-to-peer (P2P) trading between residents will be banned starting July 2027.
- The Bank of Russia prohibits transfers to self-custody wallets and between individual licensed accounts.
- Only an estimated 20% of trading volume is expected to shift to licensed exchanges initially.
- Deputy Finance Minister Ivan Chebeskov estimates Russian crypto holdings at nearly $44 trillion.
The Russian government aims to enhance oversight and reduce tax evasion by mandating the use of licensed exchanges for cryptocurrency transactions. This regulatory move is part of a broader effort to control the crypto market and ensure transparency in financial activities.
Despite these measures, only a small portion of trading volume is expected to transition immediately, with further shifts anticipated over time as compliance increases. (Source)
