Crypto advertising in Russia: a new law, old prohibitions, and a strange transition period
The Russian digital assets market is entering an ambiguous phase of regulation. Starting September 1, 2026, new rules will come into force that, for the first time in two years, will allow advertising of services related to organizing cryptocurrency circulation. However, as analysis shows, this does not lift the existing ban on advertising the digital currencies themselves, creating a curious legal conundrum.
The logic of the 2024 ban
Until recently, the answer to the question about cryptocurrency advertising was extremely simple: prohibited. Federal Law No. 221-FZ, which came into force in August 2024, introduced a broad ban on promoting not only the digital currencies themselves, but also any goods, works, and services associated with their circulation. The wording proved so comprehensive that even seemingly harmless things, such as advertising mining—which the state had effectively legalized at the very same time—fell under the ban.
This led to a paradoxical situation: the state permitted the activity but prohibited informing the market about it. For example, Yandex.Direct tightened its rules around the same time, banning advertising for miners and exchangers, even though the companies themselves continued operating, ignoring the formal restrictions.
What changes in September
Now the situation is changing. Federal Laws No. 282-FZ and No. 283-FZ have been adopted, creating a full-fledged legal framework for organizing cryptocurrency circulation. The key point: from September 1, 2026, the ban on advertising the digital currencies themselves (Bitcoin, Ethereum, USDT, and others) remains fully in effect. It will be prohibited to promote a specific coin, promise its growth, or call for its purchase.
However, advertising of services for organizing circulation is now permitted. This is a logical step: the state has created a registry of legal participants—exchangers, depositories, and other players—and banning them from informing the market about themselves would be strange. To this end, a new Article 29.2 of the Advertising Law is being introduced.
The transition period and its costs
But here the main legal conflict arises. The new advertising rules take effect on September 1, 2026, but apply only to circulation participants listed in the Central Bank's registry. The registry itself, as well as the full regime under which only its members will be able to operate, will only launch on July 1, 2027.
This creates a strange transition period: exchangers that have not managed or chosen not to enter the registry will continue operating under the old rules, but the new advertising relaxations will not apply to them. The Bank of Russia has already published draft procedures for maintaining the registries, so there is no complete vacuum, but the synchronization of regulatory mechanisms leaves much to be desired.
My view: this transition period is typical Russian legal practice, where law is created "for the future." The market will have to adapt to double standards: legal players will gain access to advertising, while "gray" ones will not. However, as the practice of the last two years shows, bans rarely stop those who want to work. The question is only how effectively the Central Bank will be able to control the process until 2027.