Bank of Russia to ban retail crypto transfers to non-custodial wallets
Russia will bar individuals from transferring digital currencies to non-custodial wallets from July 2027, alongside a ban on direct peer-to-peer crypto transactions between individuals.The restrictions are set out in Federal Law No. 282-FZ and cover both deposits and withdrawals involving the non-custodial system, where crypto is held directly by its owner rather than by a licensed service provider, according to guidance updated by the Bank of Russia on October 12.The framework will also prohibit transfers between individuals through addresses administered by a digital depository.Most crypto transactions by residents will have to go through authorized intermediaries, including licensed brokers and registered digital-currency exchange organizations, according to rules that came into force in September.Plus, investors will need to pass a test, and those classified as unqualified, representing 98% of investors according to the central bank, will be allowed to buy no more than 300,000 rubles in crypto per year through a single intermediary.Russians can still transact in crypto abroad using foreign bank accounts and transfer crypto purchased domestically overseas through regulated intermediaries.