Russia’s central bank has said in updated regulatory guidance that individuals will be allowed to conduct direct peer-to-peer crypto asset transactions until July 1, 2027, according to Cointelegraph. After that date, such transactions must be carried out through authorized intermediaries. The guidance also states that individuals are not allowed to transfer crypto assets from digital accounts to self-custodied wallets.
The move comes as Russia broadens its regulated crypto market. New crypto asset rules are set to take effect on Sept. 1, placing trading operators and custodians under the supervision of the Bank of Russia. At the same time, the country continues to prohibit the use of cryptocurrencies for payments for goods and services.
Russia’s largest bank, Sberbank, has already been approved to offer crypto asset trading services after previously receiving approval to act as a digital asset custodian. Separately, Jan3 CEO Samson Mow said P2P trading is more resilient to regulatory pressure than centralized platforms.
The Bank of Russia said in updated regulatory guidance that individuals will be able to carry out direct peer-to-peer crypto asset transactions until July 1, 2027, according to Cointelegraph. After that, the transactions must go through authorized intermediaries.
The guidance also says individuals may not transfer crypto assets from digital accounts to self-custodied wallets.
New rules take effect on Sept. 1
Russia is expanding its regulated crypto market. New crypto asset rules will take effect on Sept. 1, bringing trading operators and custodians under the Bank of Russia’s supervision. The country still bans the use of cryptocurrencies to pay for goods and services.
Sberbank cleared to provide crypto services
Sberbank, Russia’s largest bank, has been cleared to offer crypto asset trading services after earlier being approved as a digital asset custodian.
Jan3 CEO Samson Mow said P2P trading is more resistant to regulatory crackdowns than centralized platforms.
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