Bank of Russia bans residents from crypto trading with self-custody wallets, effective July 2027

The Bank of Russia announced that starting from July 1, 2027, residents will be prohibited from using self-custody wallets for cryptocurrency transactions or transferring funds from regulated brokers to self-custody wallets. Related transactions will only be allowed through licensed brokers or exchanges. Currently, 13 institutions in Russia are authorized to provide digital currency trading services, including VTB Bank and Sberbank. Additionally, the central bank has banned transfers between licensed exchange accounts held by different individuals, even if the accounts are owned by the same person, and withdrawals from exchange accounts to self-custody wallets are not permitted. Ivan Chebeskov, Deputy Minister of Finance of Russia, estimates that around 20 million Russians hold 3.7 trillion rubles, nearly 44 billion dollars, in crypto assets. Anatoly Popov, Deputy Chairman of Sberbank, predicts that only about 20% of Russia's crypto trading volume will shift to licensed exchanges.

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