Russia to Restrict P2P Crypto Trades, Ban Transfers to Non-Custodial Wallets from July 2027

Russia's move pushes P2P activity into licensed intermediaries, which shifts visibility and compliance burden onto brokers and exchanges while narrowing the practical uses of self-custody for ordinary users. The knowledge test and per-intermediary purchase cap effectively segment the market by investor qualification, a structural change for retail participation rather than a temporary restriction. The open question is how enforcement will treat transfers to non-custodial wallets and whether activity migrates to platforms outside the regulated perimeter.