Russia to Ban Individual P2P Crypto Trades From July 2027

The significance lies less in the P2P ban itself than in the wallet restriction: barring transfers to self-custody strikes at the core of crypto's appeal, effectively forcing individual holdings into regulated, identifiable venues. This shifts the Russian market toward intermediary-mediated flows, where transaction visibility and counterparty identification become the norm rather than the exception. The open question is whether such a model can be enforced at the wallet level, or whether it simply pushes activity further into channels the regulator cannot see.