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The Russian Central Bank confirmed in a frequently asked questions document released on October 12 that, according to the new law, the legality of direct cryptocurrency transactions between individuals will only be valid until July 1, 2027.

Regulators also stated that individuals are not allowed to transfer cryptocurrencies from their digital accounts to their own non-hosted wallets, nor can they transfer them to others through addresses operated by hosting institutions.

Sberbank joined the central bank's encrypted exchange registration list on October 12th and plans to launch its first batch of encrypted products on December 1st.

Russians have just over eight months left to trade Bitcoin and other cryptocurrencies directly with each other. Starting from July 1, 2027, peer-to-peer transactions—where two people exchange tokens for rubles without the involvement of regulated intermediaries—will no longer be legal, the Russian Central Bank confirmed this week.

This clarification comes from guidelines updated by regulatory authorities on their official website on October 12th.

The legal basis is Federal Law No. 282- FZ "Digital Currencies and Digital Rights," which was signed by President Vladimir Putin on August 4th and came into effect on September 1st. Article 30 lists the cryptographic operations that residents can perform without the need for licensed intermediaries, but starting from July 2027, this list will no longer include transactions between individuals.

From that time on, residents could only conduct transactions through or directly with companies that "organize the circulation of digital currencies," mainly brokers licensed by the Russian Central Bank and cryptocurrency exchanges listed in its registry.

Regulators also stated that individuals are not allowed to transfer cryptocurrencies from their digital accounts to their own non-hosted wallets, which are wallets where the private keys are in the possession of the holders rather than companies. Transfers between individuals through addresses operated by digital hosting institutions—licensed companies that record who owns which tokens—are also prohibited, even for the purpose of completing transactions between two parties.

For ordinary users, encrypted lending is also prohibited: only brokers, trustees, exchange organizations, and clearing institutions can act as lenders in encrypted loans.

Since Binance sold its Russian business to CommEX in 2023, a common way for Russians to obtain stablecoins has been through peer-to-peer transactions: buyers transfer rubles to the sellers' bank cards in exchange for tokens USDT that are pegged to the US dollar. The new regulations are aimed at putting an end to this model.

GMT Legal Managing Partner Andrei Tugarin told Kommersant FM that starting from July 1, 2027, Russian banks will be forced to reject customers who attempt to top up their cryptocurrency wallets on foreign platforms, nor will they accept rubles withdrawn from these platforms.

Non-qualified investors, that is, individuals without the status of professional investors, must pass a test and are allowed to purchase up to 300,000 rubles (approximately 3,600 US dollars) worth of cryptocurrencies per year; there is no limit for qualified investors. Bitcoin, Ethereum, and USDT are the only cryptocurrencies listed by the central bank for non-qualified buyers.

According to Interfax, Russia's largest lending institution, Sberbank, joined the central bank's registered list of crypto exchange organizations on October 12 and plans to launch its first batch of crypto products on December 1. VTB and T- Invest Lab are also included in this list.

Crypto exchange organizations must be Russian companies with a capital of at least 15 million rubles (about $179,000) and must be listed in the central bank's registration database. However, they can continue to operate without registration until July 1, 2027.

This law still prohibits Russians from using cryptocurrencies for domestic payments, continuing the ban on purchasing goods and services with digital assets. At the same time, it allows the use of cryptocurrencies in foreign trade settlements – Kaplan Panesh, the vice chairman of the Duma Budget Committee, publicly described this arrangement as a way to circumvent sanctions when the bill was first approved in April.