Russia · Bitcoin · Federal Reserve (FED) · Vladimir Putin · Decrypt
Russia Will Soon Ban Peer-to-Peer Bitcoin Trading, Central Bank Confirms
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Russians have a little over eight months left to trade Bitcoin and other crypto directly with each other.
Key facts
- The legal basis is Federal Law No. 282-FZ, “On Digital Currencies and Digital Rights,” which President Vladimir Putin signed on August 4 and which took effect September 1
- From July 1, 2027, Russian banks will have to refuse clients who try to fund crypto wallets on foreign platforms, and won’t be able to accept rubles cashed out from those platforms, Andrei Tugarin
- Crypto exchange organizations must be Russian companies with at least 15 million rubles (about $179,000) in equity and be listed in the central bank’s registry, though they can keep operating
- Non-qualified investors, meaning people without professional investor status, have to pass a test and can buy up to 300,000 rubles (about $3,600) of crypto a year, while qualified investors face no
Summary
The Bank of Russia confirmed in an October 12 FAQ that direct crypto trades between individuals are legal only until July 1, 2027, citing new law. The regulator also says individuals cannot move crypto from a digital account to their own non-custodial wallet or transfer it to another person through depository-run addresses. Sberbank joined the central bank's crypto exchange register on October 12 and plans to launch its first crypto products on December 1. The clarification sits in updated guidance the regulator posted on its official website on October 12.