Russia will ban direct P2P crypto transactions for individuals starting July 2027, and has already prohibited transfers to self-custodial wallets

Odaily News: The Bank of Russia stated in updated regulatory guidelines that arrangements allowing individuals to directly conduct peer-to-peer crypto asset transactions will continue until July 1, 2027, after which such transactions must be completed through authorized intermediaries.

The Bank of Russia also made clear that individuals may not transfer crypto assets from digital accounts to self-custodial wallets. Russia is expanding its regulated crypto market, and Sberbank, the country's largest bank, has been approved to provide crypto asset trading services, having previously been approved as a digital asset custodian.

Russia's new crypto asset regulatory rules took effect on September 1, bringing trading operators and custodians under the supervision of the Bank of Russia; the country still prohibits the use of cryptocurrencies for payment of goods and services. Jan3 CEO Samson Mow said that P2P transactions are more resistant to regulatory crackdowns than centralized platforms. (Cointelegraph)