Russian Central Bank: From July 2027, residents will be prohibited from conducting crypto transactions through self-custodial wallets

Odaily report: The Russian Central Bank has stated that Russian residents' use of self-custodial wallets for crypto asset transactions, or transfers from regulated brokers to self-custodial wallets, will be prohibited starting July 1, 2027. Such transactions can only be completed through licensed brokers or exchanges.

Currently, 13 institutions in Russia are authorized to provide digital currency trading services, including VTB Bank and Sberbank. The central bank also prohibits transfers between licensed exchange accounts held by different individuals, and even if accounts are held by the same person, withdrawals from exchange accounts to self-custodial wallets are not permitted.

Russian Deputy Finance Minister Ivan Chebeskov estimates that approximately 20 million Russians hold 3.7 trillion rubles, nearly 44 billion USD, in crypto assets. Sberbank Deputy Chairman Anatoly Popov stated that only about 20% of Russia's crypto trading volume is expected to shift to licensed exchanges. (Bitcoin.com News)