Bank of Russia restricts self-custody wallet transfers and P2P crypto trading

The Bank of Russia has issued new guidance regarding the regulation of digital currencies under Federal Law No. 282-FZ, “On Digital Currencies and Digital Rights.” Under these regulations, the transfer of cryptocurrencies, including Bitcoin, Ethereum, and XRP, to non-custodial or self-custody wallets is prohibited. This restriction applies even when an individual attempts to move digital assets from a digital account to their own self-custody wallet.

Furthermore, peer-to-peer (P2P) cryptocurrency trading between individuals will no longer be legal after July 1, 2027. From that date, residents must conduct transactions through state-supervised intermediaries, such as licensed brokers or exchange organizations listed in the central bank's registry. The law also prohibits ordinary users from engaging in crypto lending, a practice reserved for licensed brokers, trustees, and clearing houses.

The regulatory shift aims to increase economic control and deanonymize crypto activity by funneling domestic transactions through regulated entities. In preparation for these changes, Sberbank has joined the central bank's crypto exchange register and intends to launch its first crypto products on December 1.