In Russia, an "advertising window" has been opened for crypto services: what can and cannot be promoted
The Russian digital assets market is taking another step toward civilized regulation, but with the caution characteristic of the domestic approach. The new law for the first time permits advertising of services by licensed crypto market participants, yet direct promotion of digital coins themselves as an investment instrument remains strictly prohibited. This is a key nuance that all industry players need to understand.
The line between service and asset
The legislator draws a clear line between advertising digital currency as such and advertising services related to its circulation. Promoting Bitcoin, Ethereum, or any other coins in the spirit of "buy — it will grow" is still not allowed. Emphasis on returns, exchange rate growth, or a "reliable way to earn money" also remains prohibited — for Russian law, such formulations are toxic.
What is permitted is advertising of services by those participants who will operate under the new rules: trading organizers, brokers, digital depositories, exchangers, and other persons expressly provided for by law. However, even here there are strict conditions. Advertisements will have to include the name of the digital currency circulation organizer, the source of disclosed information, and a warning about high risks up to total loss of funds. It is also necessary to state where the client can review the risks and legislative restrictions in advance.
Distribution channels and labeling
The requirements of the advertising law apply regardless of the channel. They cover banners on websites, Telegram posts, influencer integrations, YouTube videos, outdoor advertising, landing pages, push notifications, and email newsletters. For websites and social media, the internet advertising labeling regime additionally applies: it is necessary to obtain an identifier and transmit data through an advertising data operator.
At the same time, an informational article about cryptocurrencies does not in itself become advertising. One may write about the technology, regulation, judicial practice, risks, mining, blockchain, and international approaches. Problems begin where promotion of a specific platform appears, such as a referral link, a call to open an account, or a promise of earnings.
Fines and prospects
For violations of advertising legislation, Article 14.3 of the Russian Administrative Code applies. 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 internet advertising, sanctions are higher: for the absence of an identifier or violation of requirements for its placement, individuals are fined 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 risks go far beyond an advertising fine, up to 1–2 million rubles for legal entities.
In my assessment, this is not full legalization of advertising, but a narrow exception to the previous ban. Promoting cryptocurrency itself is still not allowed, and services — only in a restrained form, without promises of returns or mention of specific coins. The main advertisers will most likely be banks, brokers, and large financial groups — they already have compliance, lawyers, and experience working with the Bank of Russia. The market awaits a "banking" tone in advertising, which for the crypto industry is a new but logical stage of evolution.