Russia to Ban Retail Crypto Transfers to Non-Custodial Wallets by 2027

The Bank of Russia has outlined new regulations that will prohibit individuals from transferring digital currencies to non-custodial wallets starting in July 2027. This move is part of Federal Law No. 282-FZ, which also bans direct peer-to-peer crypto transactions between individuals.

According to guidance released on October 12, the restrictions will encompass both deposits and withdrawals involving non-custodial systems, where cryptocurrencies are held directly by their owners rather than through licensed service providers. Most crypto transactions by residents will now need to be conducted through authorized intermediaries, including licensed brokers and registered digital-currency exchanges, a framework that was implemented in September.

Additionally, investors will be required to pass a test, with unqualified investors—representing 98% of the total—limited to purchasing no more than 300,000 rubles (approximately $3,556) in crypto per year through a single intermediary. However, Russians will still be able to transact in crypto abroad using foreign bank accounts and can transfer crypto purchased domestically overseas via regulated intermediaries.