Fines up to a million and triple oversight: how Russia will punish illegal crypto advertising
The Russian digital asset market is entering a new phase of regulation, and it will be painful for those who fail to adapt in time. Starting September 1, strict rules for advertising crypto services come into effect, with oversight distributed across three agencies simultaneously. My analysis shows that this is not merely a formality but a systemic shift that will fundamentally change the approach to promotion in this sector.
The mechanics of penalties: from 100 thousand to a million
The base administrative fine for legal entities violating advertising legislation (Part 1 of Article 14.3 of the Administrative Code) will range from 100 to 500 thousand rubles. However, this is only the starting point. For unsolicited mass mailings, a separate, far more severe offense is provided, where the upper limit reaches 1 million rubles. This applies not only to classic banners but also to any form of communication, including email marketing and messengers.
Triple oversight: who monitors what
The key innovation is the division of powers. The FAS will handle the substantive content of advertising, verifying the accuracy of promises and the absence of manipulation. Roskomnadzor will take over control over compliance with labeling requirements (erid) and the transfer of data on internet advertising, fining companies up to 500 thousand rubles. Regulated exchangers and digital depositories, in turn, fall under additional oversight by the Bank of Russia. This creates a "three lines of defense" effect, where each agency covers its own area of responsibility.
The procedure is initiated either by a complaint—from a user, competitor, or other party—or based on the results of an independent FAS inspection. The agency recommends recording a screenshot of the page with the site address and date. This is followed by an assessment of the materials, initiation of a case, and a commission decision. Notably, the FAS does not require a court appeal to impose a fine—the decision and order are issued directly, and only then can the company appeal them.
A new philosophy: from prohibition to institutionalization
This transition marks a paradigm shift. In 2024, the state banned advertising of a market that was effectively unregulated. By 2026, infrastructure emerged—legal organizers of circulation—along with the right to promote them. A simple formula: cryptocurrency itself cannot be advertised, but crypto infrastructure and regulated services can. This is one of the most practical changes in the new legislation.
However, the transitional 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, creating a risk zone. In the coming months, market participants will have to balance between the old model and new requirements, and caution in wording will become the main defense against regulator claims.
My forecast: we will see a wave of "quiet" fines against major players who do not restructure their marketing strategies. Legal participants will gain a competitive advantage, and the gray market will be forced to go underground or legalize. The industry awaits clarity, but action needs to be taken now.