On July 21, the State Duma approved the law "On Digital Currencies and Digital Rights" in its second and third readings. This new legislation introduces licensed intermediaries for the Russian cryptocurrency market for the first time, establishes regulated exchanges, digital depositories, and oversight by the Bank of Russia. The main provisions of the law will come into effect on September 1, 2026.

A transition period will last until July 1, 2027, during which cryptocurrency transactions will only be permissible through regulated organizations and banks. New criminal provisions are being prepared for illegal intermediation.

In collaboration with the team at ONLYP2P, we explore the implications for ordinary cryptocurrency sellers and the increasing demand for services that do not require verification.

Pressure from Regulations

Since 2022, peer-to-peer (P2P) transactions have become the primary method for buying and selling cryptocurrencies using Russian bank cards. This method's popularity stems from its simplicity: a seller posts an offer, the buyer transfers rubles directly to the seller's card, while the platform acts as a transaction guarantor.

However, this method has also attracted fraudsters. In 2025, the Bank of Russia reported up to 100,000 new drop accounts being registered monthly. For banks, regular card transfers and those associated with drop schemes often appear identical, leading to uniform checks based on regulatory criteria. Consequently, not only criminals but also legitimate sellers find themselves under scrutiny.

The pressure on card transactions has been building over the years:

  • September 2021: The Bank of Russia issued guidelines (16-MR) prompting banks to monitor cards exhibiting unusual activity, such as more than 10 counterparties and 30 transactions daily, or daily turnovers exceeding 100,000 rubles.
  • 2025: By September, the number of drop accounts rose to 1.2 million from 700,000 in December 2024. A new criminal code provision targeting drop accounts was enacted, imposing up to three years in prison for card transfers for reward and up to six years and a fine of 1 million rubles for organizing such schemes. The Ministry of Internal Affairs estimated the risk pool at 2 million individuals.
  • February 2026: The law recognized digital currencies as property in criminal cases, allowing for the seizure and confiscation of coins, with records detailing currency type, amounts, and addresses.
  • June 2026: The first reading of the tax cryptocurrency law occurred: brokers, asset managers, and digital depositories will become tax agents for personal income tax. Concurrently, deputies proposed blocking cryptocurrency transfers suspected by banks.

Each of these steps has been justified as part of the fight against fraud, collectively creating a system where active P2P sellers are likely to be monitored by banks.

Changes Introduced by the Law

The new legislation consolidates various regulations into a single framework and explicitly identifies who is allowed to engage in cryptocurrency transactions. Only specialized intermediaries—such as exchanges, brokers, and trust managers—will be permitted to facilitate the circulation of digital currencies. Digital depositories, overseen by the Bank of Russia, will handle the accounting and storage of coins.

Investors will be classified as either qualified or unqualified. The latter can purchase assets worth up to 300,000 rubles annually through a single intermediary and send up to 100,000 rubles abroad. Qualified investors will have higher limits: 3 million rubles for purchases and 1 million rubles for outbound transfers. Domestic cryptocurrency transactions remain prohibited.

A separate filter will apply to withdrawals to external addresses. According to Interfax, digital depositories will hold transfers exceeding 100,000 rubles to external wallets for 48 hours and will also monitor transfers over 300,000 rubles to third parties. This anti-fraud mechanism will be operational from September 1, 2027. At the same time, intermediaries will bear responsibility for missed payments: if a legitimate service fails to pause a large transfer and funds are lost to fraudsters, they must compensate the client from their own resources.

Some provisions, however, expand market participants' capabilities. ForkLog analyzed additional aspects of the document: participants in foreign economic activity will have access to all digital currencies and foreign platforms, and the purchase of traditional securities using cryptocurrency will be legalized.

Penalties for operating outside the legal market are already being prepared. On July 8, the State Duma passed the first reading of bill No. 1209607-8, which amends the Criminal Code and Article 151 of the Criminal Procedure Code. Effective July 1, 2027, a new Article 171.7 will impose criminal liability for the illegal organization of digital currency circulation, including for intermediaries engaging in accounting, buying, selling, exchanging, and transferring cryptocurrencies without a Bank of Russia license if it results in significant damage or profit.

Privacy at a Cost

The price of legalization is de-anonymization. ForkLog analyzed a spring edition of the bill: licensed platforms will be required to implement AML/KYC procedures, and transaction data will be reported to the Federal Tax Service (FTS) and law enforcement agencies, automatically triggered by risk filters. Anonymous cryptocurrencies like Monero are proposed to be removed from circulation.

For many, revealing personal identification data for selling 100 USDT seems like an excessive cost. Consequently, some users will continue to seek out services without verification, such as Telegram bots for exchanging and withdrawing funds into rubles.

Selling USDT for Rubles Without Verification: How ONLYP2P Works

One service in this niche is ONLYP2P, a bot for selling cryptocurrency for rubles with withdrawals to bank cards. It operates under the ONLY ecosystem, which ForkLog has previously reported on: the brand encompasses tools for USDT transfers, asset exchange, and virtual card issuance. According to the team, over the past two years, the project has attracted more than 80,000 active users.

Creating an account takes just a few seconds by clicking Start, with no registration or verification required. The bot provides an address for funding: USDT (TRC-20), Bitcoin, Litecoin, as well as transfers through CryptoBot and xRocket are accepted. After transaction confirmation, funds are converted into rubles at the exchange rate plus a 7% markup, which is fixed at the time of exchange. The team emphasizes that this markup is an integral part of the service rather than a temporary promotion.

"At an exchange rate of 80 rubles for 1 USDT, selling 100 USDT yields 8,560 rubles instead of 8,000. There’s no need to find a buyer: instead of an order book, an algorithm matches the parties automatically," representatives of the project commented.

Withdrawals function in reverse. The seller inputs their details (bank card or phone number for the Fast Payment System) and sets limits for receiving applications. The bot finds the buyer: the amount and timer appear on the screen. Money is sent directly to the provided details, and the seller verifies the receipt in their banking app and confirms the transaction, after which the equivalent amount in cryptocurrency is deducted from their balance.

The limits are designed for everyday operations rather than professional arbitrage:

  • Orders range from 1,000 to 50,000 rubles;
  • Up to five simultaneous orders per account and a maximum of ten per day;
  • Daily turnover capped at 100,000 rubles.

A partnership program is in place: 1% from each transaction of invited users and 0.5% from second-level referrals. The team maintains a common channel for the ecosystem and warns about phishing clones, so it’s safer to verify bot links there.

There is a separate offering for businesses. Exchanges, payment gateways, and P2P platforms can connect to ONLYP2P via API, automate payments to bank cards, and earn a percentage from each successful transaction. Integration terms are discussed with the project’s support.

A Year of Transition

Until July 1, 2027, the market will continue to operate in a transitional mode: familiar tools will remain available, even though new rules have been enacted. After the transition period, cryptocurrency transactions will be subject to government oversight. Users are promised legal protections and additional guarantees, albeit at the cost of complete transparency for each transaction.

Nevertheless, services that do not require verification will maintain speed and privacy, remaining outside the new regulatory framework.