Key Takeaways
- • The Bank of Russia confirmed in an October 12 FAQ that direct peer-to-peer crypto trades between individuals remain legal only until July 1, 2027, after which the practice ends under Federal Law No. 282-FZ.
- • From July 1, 2027, residents may trade crypto only through or directly with licensed brokers and registered crypto exchange organizations, and individuals will be barred from moving coins to non-custodial wallets or peer-to-peer transfers via depository addresses.
- • Non-qualified investors may buy up to 300,000 rubles (about $3,600) of crypto per year after passing a test, limited to Bitcoin, Ethereum, and USDT, while qualified investors face no cap.
- • Sberbank joined the central bank's crypto exchange register on October 12 and plans to launch its first crypto products on December 1, per Interfax; VTB and T-Invest Lab are also registered.
- • The rules end a common stablecoin workaround in which buyers wired rubles to a seller's bank card in exchange for USDT, a model that became standard after Binance sold its Russian business to CommEX in 2023.
Summary
The Bank of Russia has confirmed that direct cryptocurrency trades between individuals will be legal only until July 1, 2027, according to updated guidance posted on its official website on October 12. The clarification is grounded in Federal Law No. 282-FZ, "On Digital Currencies and Digital Rights," which President Vladimir Putin signed on August 4 and which took effect on September 1. Article 30 of the law lists the crypto operations residents may carry out without a licensed intermediary, and from July 2027 that list no longer includes trades between individuals.
After that date, residents may transact in crypto only through, or directly with, entities that "organize the circulation" of digital currencies, principally brokers licensed by the Bank of Russia and crypto exchange organizations listed in its registry. Individuals will also be prohibited from moving crypto from a digital account to a self-custodied, non-custodial wallet, and from transferring coins to another person through addresses run by a digital depository, even to settle a trade between two parties. Lending crypto is restricted to brokers, trustees, exchange organizations, and clearing houses.
The change directly affects a common channel for stablecoin access. Since Binance sold its Russian business to CommEX in 2023, many Russians have obtained USDT through peer-to-peer deals in which the buyer wires rubles to a seller's bank card. Andrei Tugarin, managing partner at GMT Legal, told Kommersant FM that from July 1, 2027, Russian banks will have to refuse clients attempting to fund crypto wallets on foreign platforms and will be unable to accept rubles cashed out from those platforms.
For retail participants, non-qualified investors must pass a test and may purchase up to 300,000 rubles (about $3,600) of crypto annually, with Bitcoin, Ethereum, and USDT as the only permitted coins. Qualified investors face no cap. Sberbank, Russia's largest lender, joined the central bank's register of crypto exchange organizations on October 12, and VTB and T-Invest Lab are also listed, according to Interfax. Registered exchange operators must be Russian companies with at least 15 million rubles (about $179,000) in equity, though existing operators may continue without registration until July 1, 2027.
The law continues to bar Russians from using crypto to pay for goods and services domestically, while permitting crypto in foreign trade settlements. Kaplan Panesh, deputy chair of the State Duma's budget committee, described that carve-out as a means of circumventing sanctions when the bill passed its first reading in April.
After that date, residents may transact in crypto only through, or directly with, entities that "organize the circulation" of digital currencies, principally brokers licensed by the Bank of Russia and crypto exchange organizations listed in its registry. Individuals will also be prohibited from moving crypto from a digital account to a self-custodied, non-custodial wallet, and from transferring coins to another person through addresses run by a digital depository, even to settle a trade between two parties. Lending crypto is restricted to brokers, trustees, exchange organizations, and clearing houses.
The change directly affects a common channel for stablecoin access. Since Binance sold its Russian business to CommEX in 2023, many Russians have obtained USDT through peer-to-peer deals in which the buyer wires rubles to a seller's bank card. Andrei Tugarin, managing partner at GMT Legal, told Kommersant FM that from July 1, 2027, Russian banks will have to refuse clients attempting to fund crypto wallets on foreign platforms and will be unable to accept rubles cashed out from those platforms.
For retail participants, non-qualified investors must pass a test and may purchase up to 300,000 rubles (about $3,600) of crypto annually, with Bitcoin, Ethereum, and USDT as the only permitted coins. Qualified investors face no cap. Sberbank, Russia's largest lender, joined the central bank's register of crypto exchange organizations on October 12, and VTB and T-Invest Lab are also listed, according to Interfax. Registered exchange operators must be Russian companies with at least 15 million rubles (about $179,000) in equity, though existing operators may continue without registration until July 1, 2027.
The law continues to bar Russians from using crypto to pay for goods and services domestically, while permitting crypto in foreign trade settlements. Kaplan Panesh, deputy chair of the State Duma's budget committee, described that carve-out as a means of circumventing sanctions when the bill passed its first reading in April.
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