The Bank of Russia said Russian residents will be prohibited from conducting crypto asset transactions through self-custody wallets starting July 1, 2027. The restriction will also apply to transfers from regulated brokers to self-custody wallets, with such activity allowed only through licensed brokers or exchanges. The central bank said Russia currently has 13 institutions authorized to provide digital currency trading services, including VTB Bank and Sberbank. It also banned transfers between licensed exchange accounts held by different individuals, and said assets cannot be withdrawn from exchange accounts to self-custody wallets even if the accounts are owned by the same person. Russian Deputy Finance Minister Ivan Chebeskov estimated that about 20 million Russians hold 3.7 trillion rubles, or nearly $44 billion, in crypto assets. Sberbank Deputy Chairman Anatoly Popov said only about 20% of Russia’s crypto trading volume is expected to move to licensed exchanges, according to Bitcoin.com News.
The Bank of Russia said Russian residents will be barred from using self-custody wallets for crypto asset transactions starting July 1, 2027. Transfers from regulated brokers to self-custody wallets will also be prohibited.
Under the central bank’s plan, those transactions will be allowed only through licensed brokers or exchanges. Russia currently has 13 institutions authorized to provide digital currency trading services, including VTB Bank and Sberbank.
The central bank also banned transfers between licensed exchange accounts held by different individuals. It added that funds cannot be withdrawn from exchange accounts to self-custody wallets, even if the accounts are owned by the same person.
Deputy Finance Minister Ivan Chebeskov estimated that about 20 million Russians hold 3.7 trillion rubles, or nearly $44 billion, in crypto assets. Sberbank Deputy Chairman Anatoly Popov said only about 20% of Russia’s crypto trading volume is expected to shift to licensed exchanges.
The report was cited from Bitcoin.com News.
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