Russian citizens will not be allowed to buy or sell cryptocurrency directly without state-regulated intermediaries starting next summer, according to official guidance from Russia’s Central Bank.

The regulator wrote in an FAQ that peer-to-peer crypto transactions between individual buyers and sellers will be removed from the list of legal operations after July 1, 2027.

Media outlets that first reported on the looming ban noted that individuals may attempt to bypass it by disguising direct crypto sales as personal gifts or debt repayments.

Under a law President Vladimir Putin signed over the summer, cryptocurrencies may be bought and sold only through institutions regulated by the Central Bank.

These intermediaries include…