Russia to Implement Ban on Direct Peer-to-Peer Crypto Trades by July 2027

Russia's central bank has revealed plans to prohibit direct peer-to-peer (P2P) cryptocurrency transactions, effective July 1, 2027. This regulation mandates that all cryptocurrency trades must be conducted through authorized intermediaries, fundamentally changing the current practice where individuals can transact directly with one another.

The ban is part of a broader regulatory framework established by Federal Law No. 282-FZ, signed by President Vladimir Putin on August 4, 2026. This law, which took effect on September 1, 2026, aims to formalize the handling of digital assets in Russia. As of the cutoff date, all legitimate trades will require a licensed intermediary registered with the Bank of Russia.

During the transition period leading up to the ban, direct P2P trades will still be allowed, giving traders and platforms time to adjust to the new requirements. The law also categorizes investors into two groups: non-qualified investors, who are subject to a purchase limit of 300,000 rubles per year per intermediary for major digital assets like Bitcoin and Ether, and qualified investors, who face no such restrictions.

Additionally, existing regulations already prevent the transfer of digital assets from regulated accounts to non-custodial wallets, with exceptions only for cross-border settlements in foreign trade. This move reflects Russia's ongoing effort to regulate digital currencies while prohibiting their use for domestic payments.

Sberbank, a major Russian bank, estimates that regulated trading volumes could reach about $46 billion in the first year under the new rules. However, it remains uncertain how much trading activity will continue outside the regulated environment.

For Russian retail traders, this shift signifies a substantial change. Those who have relied on direct P2P transactions must decide whether to transition to licensed platforms or withdraw from the domestic market altogether. The upcoming regulations will likely create a more supervised trading environment but will also impose tighter limits on non-qualified investors.

As the July 2027 deadline approaches, market participants will be closely watching how many intermediaries register with the Bank of Russia and how quickly regulated trading volumes increase. The impact on informal P2P activity will also be a key area of observation.