Russia Gives P2P a Notice: Find an Intermediary or Sit Down by July 1, 2027 🪙

Russia will prohibit direct peer-to-peer cryptocurrency transactions between individuals starting July 1, 2027, the Bank of Russia confirmed in guidance updated Monday, requiring retail users to route trades through authorized intermediaries. The central bank said such transactions will remain permitted only until that date, after which individuals will no longer be able to exchange crypto assets directly without an approved platform.

The regulator also clarified that individuals are not allowed to transfer crypto assets from their digital accounts to their own non-custodial, or self-custodial, wallets, narrowing the off-ramp options available to retail holders. The country continues to prohibit cryptocurrency payments for goods and services, keeping $BTC and other tokens outside its domestic payments rails.

The P2P curb arrives as Russia formalizes its regulated crypto market. On Monday, the Bank of Russia authorized Sberbank, the country's largest bank, to offer crypto exchange services, following its earlier approval of the lender as a digital asset custodian. The decisions sit under Russia's new crypto rules, which took effect on Sept. 1 and brought exchange operators and custodians under central bank oversight.

Industry executives have previously told Cointelegraph that restrictions on P2P crypto trading and noncustodial wallets may be difficult to enforce. Jan3 CEO Samson Mow said P2P trading is more resilient to regulatory crackdowns than centralized platforms, while SatoshiLabs executive Stepan Uherik said wallet app bans would leave hardware and desktop wallets unaffected.