Fines up to one million rubles: how Russia will punish violations in crypto advertising
The Russian digital assets market is entering a new phase of regulation, and now the advertising activities of crypto companies have come under close scrutiny from three agencies at once. For violations of the new rules, legal entities face fines ranging from 100 thousand to 1 million rubles, with oversight distributed among the FAS, Roskomnadzor, and the Bank of Russia.
The mechanics of penalties: from advertising to mailings
The base advertising fine for companies under Part 1 of Article 14.3 of the Administrative Code ranges from 100 to 500 thousand rubles — this is the classic liability for improper advertising. However, for unsolicited mailings, a separate, stricter offense is provided with a maximum fine of up to 1 million rubles. A separate area of liability concerns violations in the transfer of data on internet advertising and ERID labeling — here Roskomnadzor oversees, and fines also reach 500 thousand rubles.
If the violator turns out to be a regulated exchanger or digital depository, supervision by the Bank of Russia is additionally applied to them. This creates a multi-level control system where each regulator is responsible for its own segment.
How violations are detected
The process begins with an external signal: a complaint may be filed by a user, competitor, or other person, and the FAS is also able to detect signs of a violation on its own. For a complaint about internet advertising, the antimonopoly authority recommends capturing a full screenshot of the page with the site address and date. Next, the agency evaluates the materials and, if there are grounds, initiates a case that is reviewed by the FAS commission. If the advertising is deemed improper, an order is issued to cease the violation, after which the question of administrative liability is decided separately.
Notably, for a company to be fined, the FAS does not need to go to court — the ruling is issued directly. The company has the right to appeal the decision, order, and ruling subsequently.
A new philosophy of regulation
From September 1, the very philosophy of regulating crypto market advertising changes. In 2024, the state banned advertising of the effectively unregulated market. In 2026, this market began to be institutionalized: legal organizers of circulation emerged, and with them — the opportunity to advertise their activities.
The main formula is now simple: cryptocurrency cannot be advertised, but crypto infrastructure and regulated services can be. This is one of the most practical changes of the new regulation. For the first time, the market gains the opportunity to completely legally tell a client: "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.
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 are becoming the main defense against regulator claims.
My analysis: This is a landmark shift — the Russian regulator is moving from a total ban to targeted control, which in the long term could attract institutional players to the market. However, the current legal uncertainty until the Central Bank registry is formed creates serious risks for small exchangers, which could become the first victims of the new fine practice.