Russia P2P crypto ban starts 1 July 2027

In short

• Bank of Russia says direct P2P crypto trades end 1 July 2027; all legal trades must go through licensed intermediaries.
• Federal Law No. 282-FZ, signed 4 August 2026, caps ordinary buyers at 300,000 rubles per intermediary per year.
• VTB was listed on both Bank of Russia registers on 6 October; Sberbank joined the exchange register around 12 October.
• Sberbank estimates regulated trading volumes could reach about $46 billion in the first year.

Why direct P2P trades end on 1 July 2027

The Bank of Russia said in updated guidance published on 12 October 2026 that direct peer-to-peer cryptocurrency trades between individuals will remain legal only until 1 July 2027, after which every trade must go through a licensed intermediary, according to Crypto Briefing. The rule comes from Federal Law No. 282-FZ, which President Vladimir Putin signed on 4 August 2026 and which took effect on 1 September 2026. That law sets up a formal framework for how digital assets can change hands inside Russia, with brokers, exchanges and depositories registered with the central bank as the only legal routes.

VTB and Sberbank move into licensed trading

Russia's biggest banks are already moving into those roles. According to Bank of Russia registers reviewed by InvestIn.News, VTB was among the first entrants on 6 October 2026, listed on both the digital depository and crypto exchange registers. Sberbank was first listed as a digital depository and was added to the exchange register around 12 October, the same day the central bank updated its guidance. The P2P ban gives traders until mid-2027 to move onto these licensed platforms or step away from the domestic market.

A 300,000-ruble cap for ordinary buyers

The Bank of Russia's framework sorts investors into two groups, and non-qualified investors, which in practice means most ordinary retail buyers, can buy only 300,000 rubles of the most liquid digital assets, such as Bitcoin and Ether, per year through any single intermediary, according to Crypto Briefing. Because the limit applies per intermediary, a retail investor could in theory spread purchases across several licensed platforms. That makes the cap fairly easy to work around, though it still creates a paper trail for every legal purchase.

Self-custody was already restricted

The Bank of Russia had already squeezed self-custody before the P2P ban. Existing rules block individuals from moving digital assets from regulated accounts to their own non-custodial wallets, according to TradingView. The only exception covers cross-border settlements in foreign trade, which suggests Moscow still sees a role for digital assets in international commerce even as it tightens control over how individuals use them at home.

The $46bn question: regulated or grey

The open question is how much activity moves into the regulated system. Sberbank estimates regulated trading volumes could reach about $46 billion in the first year under the new rules, according to Crypto Briefing. But the same report notes that a significant share of current trading may continue outside the regulated system, at least initially. That would mean the P2P ban pushes some traders onto licensed platforms and others into quieter informal channels.

Enforcement is the unresolved part. Jan3 CEO Samson Mow has said P2P trading is more resilient to regulatory crackdowns than centralised platforms, while SatoshiLabs executive Stepan Uherik has said wallet app bans would leave hardware and desktop wallets unaffected, according to TradingView. Their point is practical: a rule can block the official route, but it has less power over direct transfers that use software already installed on a phone or computer.

Between now and 1 July 2027, the key signals will be how many intermediaries register with the Bank of Russia, how quickly regulated volumes build toward Sberbank's estimate, and whether informal P2P activity actually shrinks or simply goes quieter. For Russian retail traders, the practical choice is clear: move onto a licensed platform before the deadline or accept that direct deals become illegal domestically. That transition period is meant to give traders and platforms time to adjust, but it also gives the central bank time to build the infrastructure it wants.

Questions readers ask

When does Russia's P2P crypto ban start?

The Bank of Russia said direct peer-to-peer crypto trades between individuals will remain legal only until 1 July 2027, after which all trades must pass through licensed intermediaries supervised by the central bank.

What is the 300,000-ruble limit for Russian crypto buyers?

Non-qualified investors, meaning most ordinary retail buyers, can buy only 300,000 rubles of liquid digital assets such as Bitcoin and Ether per year through any single intermediary, according to Crypto Briefing.

Which Russian banks are licensed crypto intermediaries?

According to Bank of Russia registers reviewed by InvestIn.News, VTB was listed on both the digital depository and crypto exchange registers on 6 October 2026. Sberbank was first listed as a digital depository and added to the exchange register around 12 October.

Our view

Russia's P2P ban is best read as a control and revenue measure, not simply consumer protection. By forcing every legal trade through central bank-supervised intermediaries, Moscow gains a ledger of who buys what and a taxable channel it had lacked while informal deals flourished. The 300,000-ruble annual cap per intermediary is mild enough to be workable, and the exception for cross-border settlements signals that digital assets remain a tool for trade rather than domestic payments.

In my view, the short-term effect will be a partial shift to unlicensed platforms rather than immediate compliance, as Sberbank itself concedes a significant share of activity may remain outside the regulated system. Over the long run, registered exchanges and depositories are likely to absorb most retail flow because they offer clearer legal status and because enforcement, while imperfect, will raise the cost of staying grey. The development to watch is how quickly VTB and Sberbank build trading volumes before the July 2027 cutoff.

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— Keshav Aggarwal

What to watch: Watch how many intermediaries register with the Bank of Russia and whether informal P2P activity actually shrinks before 1 July 2027.