Crypto news

Russian legislation has taken a careful but symbolic step toward legalizing the crypto industry. The new law for the first time permits advertising of services by licensed crypto market participants, yet direct marketing of the digital assets themselves — bitcoin, Ethereum, and other coins — remains strictly prohibited. This is an important nuance that changes the rules of the game for all market players.

A Fine Line: What Is Allowed and What Is Not

The key distinction lies between promoting the cryptocurrency itself and promoting services related to it. Advertising bitcoin or ETH as an investment tool, promising growth or returns, is still not allowed. Calls to use cryptocurrency as a means of payment within the country also remain banned. Any wording like "a reliable way to earn money" or "buy now, it will grow" is toxic under Russian law.

However, it is now permissible to advertise the services of those market participants who will operate under the new rules. These include trading organizers, brokers, digital depositories, exchangers, and other entities expressly provided for by the law. But even here there are strict conditions: the advertisement must state the name of the organizer, disclose the source of information, warn about high risks and the possible total loss of funds. It must also indicate where the client can familiarize themselves in advance with the risks and legislative restrictions.

A particular prohibition concerns mentioning specific coins. In service advertising, it is not allowed to name bitcoin or other assets — calls like "open an account and buy bitcoin" look extremely risky. A safe option is to talk about access to digital currency operations through a regulated participant, without mentioning specific coins and without investment promises.

All Channels Under Scrutiny

The new requirements apply to all communication channels: websites, social networks, Telegram, blogs, YouTube, outdoor advertising, landing pages, push notifications, and email newsletters. For online advertising, a labeling regime additionally applies: it is necessary to obtain an identifier and transmit data through an advertising data operator. For crypto services, this is especially important — if material simultaneously violates requirements on digital currencies and the rules of internet advertising, the risks are compounded.

At the same time, an informational article about cryptocurrencies does not in itself become advertising. One may write about technology, regulation, judicial practice, risks, mining, and blockchain. Problems begin where promotion of a specific platform appears, a referral link, or a call to register and receive a bonus.

Fines and Market Reality

Violations of advertising legislation are subject to Article 14.3 of the Russian Code of Administrative Offenses. Fines for individuals range from 2,000 to 2,500 rubles, for officials — from 4,000 to 20,000 rubles, and for legal entities — from 100,000 to 500,000 rubles. For the absence of internet advertising labeling, sanctions are higher: individuals face 30,000–100,000 rubles, officials — 100,000–200,000 rubles, and legal entities — 200,000–500,000 rubles.

If advertising leads to activity without the required status, the risk extends beyond an advertising fine. The new regulation provides for liability for illegal organization of digital currency circulation, accepting cryptocurrency as payment in prohibited cases, and illegal mining. Under certain provisions, fines for legal entities reach 1–2 million rubles.

In my assessment, advertising will become more banking-like in tone. The main advertisers will likely be banks, brokers, and large financial groups — they already have compliance, lawyers, and experience working with the Bank of Russia. For the crypto market, this is not full legalization of advertising but a narrow exception to the previous ban. Only the services of regulated participants can be promoted, and in a restrained manner — without promises of returns, rate forecasts, or mentions of specific coins.