The Central Bank of Russia will tackle misselling in cryptocurrency sales: sanctions will follow for concealing risks.
The Bank of Russia has announced the launch of a supervisory system over misselling practices in the sale of digital currencies and related financial instruments. Starting September 1, when legal crypto transactions become available to the broad retail market through licensed intermediaries, the regulator intends to strictly control the quality of client information at all stages.
This refers to situations where a financial institution sells one product under the guise of another or deliberately withholds key characteristics and risks. As Deputy Chairman of the Central Bank Mikhail Mamuta emphasizes, oversight of such actions will be mandatory — especially at the initial stage of implementing the new regulation. The focus is on how honestly and fully sellers disclose the risks of cryptocurrencies, not just their potential returns.
New rules of the game
The mechanisms already embedded in the regulatory framework provide for two-tier protection. On one hand, formal barriers apply: mandatory testing of buyers' knowledge and limits on transaction volumes depending on the risk level. On the other hand, the regulator adds its own monitoring of seller behavior, since tests and restrictions do not guarantee that the client will be told the whole truth during the sale.
Mamuta notes that one does not exclude the other, and violations will be followed by penalties, although he expresses hope that it will not come to that. Supervision will be conducted from the very start — from September 1, when digital currencies officially appear in retail sales through licensed platforms.
Context: the cryptocurrency law has come into force
Recall that in August, the president signed a law that for the first time comprehensively regulates the circulation of digital currencies and digital rights in Russia. The document establishes rules for the operation of crypto exchanges, depositories, and market participants, as well as defines the conditions for purchasing crypto assets for investors. The regulation covers information system operators, digital currency exchange companies, brokers, managers, and clearing organizations.
For non-qualified buyers, the Central Bank has set a limit of 300 thousand rubles per intermediary per year. However, as experts note, distributing transactions across different licensed platforms remains a legal way to circumvent this restriction.
The industry has already raised objections to certain provisions. For example, Article 30 is considered controversial, as it allows issuing digital currency as a loan only to crypto brokers, trust managers, exchanges, and clearing organizations — miners and large private asset holders are excluded from this list.
My view: Introducing oversight over misselling is a logical step within the institutionalization of the market, but the effectiveness of this measure will depend on specific criteria for assessing the quality of information disclosure. Without clear standards for "sufficient risk disclosure," oversight risks becoming a formality, and responsibility — a tool for selective pressure. The market needs not only rules but also predictable practice in their application.