Russia to Ban Direct P2P Crypto Trades From July 2027

The significance lies in sequencing: Russia is not banning crypto ownership, but progressively closing the channels through which assets can move outside regulated venues, with P2P the remaining person-to-person route before the 2027 cutoff. This affects ordinary self-custody holders and informal traders rather than institutions, which retain regulated on-ramps. The open question is whether activity migrates to channels the state cannot see, or whether regulated venues absorb it — and how enforcement of a P2P ban is technically carried out.