Russia’s central bank published on October 12 its interpretation of crypto law 282-FZ, banning peer-to-peer (P2P) exchanges and transfers to personal wallets starting July 1, 2027. USDT P2P trades, which had been supplying the country with digital dollars since Binance’s departure in 2023, will have to go through licensed intermediaries from that date onward. Russian banks will be required to refuse any transfers to foreign platforms and rubles coming from them, effectively cutting off P2P’s fuel. Sberbank, VTB and T-Invest Lab are already registered, with Sberbank offering bitcoin, ether and USDT starting December 1. Non-qualified retail investors will need to pass a knowledge test and be limited to BTC, ETH and USDT with an annual cap of 300,000 rubles, equivalent to approximately $3,600.
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