From Cointelegraph · By Helen Partz
Russia will ban direct peer-to-peer (P2P) cryptocurrency transactions between individuals starting next year, requiring individuals to use authorized intermediaries for such trades.
The restriction will end individuals’ ability to exchange crypto assets directly without intermediaries, the Bank of Russia, the country’s central bank, explained in guidance updated Monday. The regulator confirmed that such transactions will remain permitted only until July 1, 2027.
The regulator also clarified that individuals are not allowed to transfer crypto assets from their digital accounts to their own non-custodial, or self-custodial, wallets.
The move comes as Russia expands its regulated crypto market. On Monday, the Bank of Russia authorized Sberbank, the country’s largest bank, to offer crypto exchange services after earlier approving it as a digital asset custodian.
The approval follows Russia’s new crypto rules, which came into force on Sept. 1 and brought exchange operators and custodians under central bank oversight. The country also continues to prohibit cryptocurrency payments for goods and services.
Industry executives have previously told Cointelegraph that restrictions on P2P crypto trading and noncustodial wallets may be difficult to enforce. Jan3 CEO Samson Mow said P2P trading is more resilient to regulatory crackdowns than centralized platforms, while SatoshiLabs executive Stepan Uherik said wallet app bans would leave hardware and desktop wallets unaffected.
Related: Russia clears first crypto exchanges, custodians under new law