Fines up to a million: how Russia will punish illegal crypto advertising
The Russian digital assets market is entering a new phase of regulation, and now supervisory authorities have a clear mechanism for influencing unscrupulous advertisers. For violating rules on promoting crypto services, companies face fines ranging from 100 thousand to 1 million rubles, and oversight of this sector is distributed among three agencies at once: FAS, Roskomnadzor, and the Bank of Russia.
Mechanics of punishment: from complaint to ruling
The base advertising fine for a legal entity under Part 1 of Article 14.3 of the Administrative Code ranges from 100 to 500 thousand rubles. However, for mailings without recipient consent, a separate, stricter offense is provided — here the threshold rises to 1 million rubles. It is important to understand that this is administrative liability for advertising, not for cryptocurrency circulation as such.
A separate layer of liability is built around violations in labeling internet advertising (erid) and transmitting data about it. Roskomnadzor is responsible for this, and for companies, fines here also reach 500 thousand rubles. If the violator turns out to be a regulated exchanger or digital depository, then on top of that, supervision from the Central Bank is also activated.
The process is triggered by an external signal: a complaint may be filed by a user, competitor, or other person, or FAS detects signs of a violation on its own. The antitrust service directly recommends recording a full screenshot of the page, the website address, and the date. The agency then evaluates the materials and, if grounds exist, initiates a case. If the advertising is deemed improper, an order to cease the violation is issued, followed by a ruling on the fine.
Notably, FAS does not need to go to court to impose a penalty — this speeds up the process. At the same time, the company has the right to appeal the issued decision, order, and ruling in court.
New philosophy: from prohibition to institutionalization
Starting September 1, the very philosophy of regulation changes. In 2024, the state banned advertising a market that was effectively unregulated. In 2026, the market began to be institutionalized: legal circulation organizers emerged, and along with them, the opportunity to advertise their activities. The formula is simple: cryptocurrency itself cannot be advertised, but crypto infrastructure and regulated services now can be.
This is one of the most practical changes in the new regulation. For the first time, the market gains the opportunity to tell a client completely legally: "we provide exchange services" or "we carry out digital accounting." However, the transition period adds uncertainty: the new rules are already in effect, but the Central Bank registry, which grants the right to use them in full, is only being formed. Until July 1, 2027, many existing exchangers remain outside the new advertising regime.
My analysis: In the coming months, market participants will have to balance between the old operating model and new requirements. Caution in wording and completeness of mandatory disclosures will become the main defense against regulator claims. I recommend that companies conduct an audit of all advertising materials for compliance with the new norms right now — the price of a mistake is too high.