Advertising crypto services in Russia: a paradoxical transition period until 2027
Starting September 1, 2026, long-awaited relaxations come into force in Russia: advertising of services for organizing cryptocurrency circulation will finally be permitted. However, as is often the case in domestic regulation, this joy will be incomplete. The ban on advertising the digital currencies themselves — Bitcoin, Ethereum, USDT, and any others — remains in effect. This dual situation creates an extremely curious precedent that, as an analyst, I want to examine in detail.
The logic of the 2024 ban
Let me remind you that since August 2024 (Federal Law No. 221-FZ), a total ban has been in effect on advertising not only cryptocurrencies but also any related goods, works, and services. The wording was so broad that even miners came under fire. The state effectively legalized mining, but at the same time, major advertising platforms such as Yandex.Direct immediately banned the promotion of this activity. A paradoxical situation arose: the activity is permitted, but informing the market about it is not.
In practice, this led to the market simply ignoring the bans. In public listings of exchangers, users were still offered to buy and sell USDT, BTC, ETH, compare rates, and choose services. The ban existed de jure, but de facto businesses operated in a "gray" zone, relying on verbal agreements and informal channels.
What changes in September 2026
The situation changes dramatically with the adoption of a package of laws (No. 282-FZ and No. 283-FZ dated 08/04/2026). The first creates a full-fledged legal regime for organizing cryptocurrency circulation, defining its legal participants. The second introduces amendments to related laws, including the Law "On Advertising." From September 1, advertising of services for organizing the circulation of digital currencies becomes legal. But there is an important nuance: it is permitted only for participants in the Central Bank's register.
And here is where it gets most interesting. The full regime, under which only registered participants will be able to organize circulation, will only come into force on July 1, 2027. Until that date, exchangers can operate under the old rules, but the new advertising conditions do not apply to them, since they are not in the register, which the Central Bank has not even opened yet.
Thus, we find ourselves in a strange transitional period: the new rules already exist, but the infrastructure for their application is just being launched. The Bank of Russia has only published draft procedures for maintaining the registers. This is not a complete legal vacuum — the law provides for transitional mechanisms — but the regulatory mismatch is obvious.
My analysis: This situation is a classic example of regulation trying to catch up with reality. The market has long lived by its own rules, and formal bans only drove it into the shadows. Now the state is taking a step forward, but at the same time creating a complex multi-stage system that could lead to temporary chaos. Legal players will have to show remarkable caution to avoid sanctions for advertising that is formally already permitted, but only for a limited circle of persons. In the end, we are witnessing not liberalization, but rather a targeted opening of a "window" in anticipation of the full launch of a regulated market. Businesses should prepare for this transitional period as an opportunity to build new, transparent marketing strategies, but with an eye on every step of the regulator.