Cryptocurrency advertising in Russia: new fines up to 1 million rubles and triple oversight
The Russian digital asset market is entering a new phase of regulation, and one of the most painful aspects for businesses is advertising. Now, companies face fines ranging from 100,000 to 1 million rubles for violating rules on promoting crypto services. At the same time, oversight of this segment is distributed among three agencies: the FAS, Roskomnadzor, and the Bank of Russia. Let's break down the mechanism that has already begun to operate.
Who punishes and for what
Basic liability for unfair advertising for legal entities is stipulated in Part 1 of Article 14.3 of the Administrative Offenses Code and ranges from 100 to 500 thousand rubles. However, if it concerns advertising mailings without the recipient's consent, a separate, more severe offense comes into force—with a maximum fine of up to 1 million rubles. A separate area of liability concerns violations of ERID labeling and the transfer of data on internet advertising—here, Roskomnadzor supervises, and fines for companies also reach 500 thousand rubles. If the violator turns out to be a regulated crypto exchange or a digital financial asset operator, oversight from the Central Bank is added to this as well.
Illustrative is the example of a hypothetical platform X that placed a banner on its website promising "USDT at the best rate" with a call to "Buy now." Any user, competitor, or other party can file a complaint, and the FAS is also entitled to initiate an inspection on its own. The agency recommends recording a full screenshot of the page, the site address, and the date. The materials are then assessed, and if there are grounds, a case is initiated. The FAS commission issues a decision declaring the advertising improper, and then the question of administrative liability is resolved separately. Importantly: to impose a fine, the FAS does not need to go to court—the order is issued directly, and the company can only appeal it afterward.
A new philosophy of regulation
From September 1, the paradigm itself changes. In 2024, the state effectively banned advertising the unregulated market, and by 2026, institutional infrastructure began to take shape: legal exchange and accounting operators emerged. Now the formula is simple: advertising cryptocurrency as such is prohibited, but promoting the services of regulated infrastructure is allowed. This is one of the most practical innovations, as the market for the first time gets the opportunity to legally tell clients: "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 fully use them, is only being formed. Until July 1, 2027, many existing exchangers remain outside the new advertising regime. In the coming months, market participants will have to balance between familiar operating models and new requirements. Caution in wording and completeness of mandatory disclosures become the main defense against regulator claims.
My analysis: this is a logical step in the evolution of Russian crypto regulation. Instead of a total ban, we see an attempt to create "white" zones for business, but the price of error is high. Companies that want to stay afloat should already reconsider their marketing strategies and consult with lawyers specializing in digital assets. Otherwise, fines could become not just costs, but a fatal blow to the budget.