Crypto advertising in Russia: a strange transitional period between the ban and the new reality
The Russian cryptocurrency market is entering an extremely unusual phase. Starting September 1, 2026, new rules come into effect that, for the first time in two years, will allow advertising of services related to organizing the circulation of digital currencies. However, the ban on advertising crypto assets themselves, such as Bitcoin or USDT, remains in force. This creates a paradoxical situation that I would call a legal fork in the road with unpredictable consequences.
Until recently, the answer to the question of cryptocurrency advertising was perfectly clear: it was prohibited. In August 2024, Federal Law No. 221-FZ introduced a broad ban that covered not only the digital currencies themselves but also goods, works, and services associated with their circulation. The wording turned out to be so comprehensive that even seemingly harmless advertisements for purchasing or exchanging were caught under the prohibition.
Why the 2024 ban was logical
In practice, this meant that one could not write "Buy USDT at a favorable rate" or advertise an exchanger as a service for conversion. However, as analysis shows, the market adapted fairly quickly. Take mining, for example: the state legalized this activity, created a separate regulated regime for miners, but at the same time, major advertising platforms such as Yandex.Direct banned corresponding advertisements. An absurd situation arose: a permitted activity remained invisible to the general audience.
Notably, over the two years the ban was in effect, the market did not suffer much. In public listings of exchangers, users are still offered the chance to buy and sell BTC, ETH, USDT, compare rates, and choose a service. Industry participants operated as if no restrictions existed. From a legal standpoint, the ban was justified — until a full-fledged legal regime emerged, there was simply nothing with which to regulate advertising.
What changes in September
Now such a regime has appeared. Federal Laws No. 282-FZ and No. 283-FZ of 04.08.2026, officially published on August 4, create a regulated organization for cryptocurrency circulation and restructure related norms, including the Advertising Law. From September 1, 2026, advertising of services for organizing circulation will be permitted, but only for participants in the Central Bank's registry.
However, here lies the main oddity. The full regime, under which only registry participants will be able to engage in organizing circulation, is activated only from July 1, 2027. Until that date, exchangers can operate under the old rules, but the new advertising conditions do not apply to them — they are simply not in the registry, which the Central Bank has not even opened yet.
The market enters an unusual transitional period: new rules already exist, but the infrastructure for their application is only being launched. The Bank of Russia has published draft procedures for maintaining the registries, but this is not a complete legal vacuum — the law provides for transitional mechanisms. Nevertheless, the regulatory desynchronization is obvious.
My conclusion: we are witnessing a classic example of the legislator trying to bring order to a sphere that has long lived by its own informal rules. Advertising of crypto services will become legal, but only for a select few, while the rest will continue to operate in the gray zone. This will create fertile ground for selective enforcement and, likely, new disputes. The market should prepare for a period of uncertainty, when formal rules and actual practice will diverge even further.