Russia plans to ban direct P2P crypto transactions between individuals and restrict transfers to self-custody wallets starting July 2027

Russia's central bank has signaled a structural tightening of retail crypto access rather than a simple reporting change: banning direct P2P transfers between individuals and blocking withdrawals from regulated digital accounts into self-custody wallets would push all activity through authorized intermediaries subject to identification and monitoring. The practical effect is to convert self-custody from a default option into a compliance gap, shifting volume toward licensed platforms and creating friction for users who rely on P2P for remittances or savings outside the banking system. Because the measures are announced for July 1, 2027, they remain a stated plan rather than enacted law, and the final scope will depend on the legislative package, definitions of "authorized intermediary," and enforcement capacity. Watch next for the draft law's treatment of existing self-custody holdings, how exchanges and brokers adapt onboarding and withdrawal rules, and whether parallel markets or foreign platforms absorb displaced activity.