The Russian cryptocurrency market is preparing for a fundamental transformation. Following the entry into force of the new law on digital currencies on September 1, regulators have disclosed details that will determine the rules of the game for the coming years. This is not just about targeted bans, but about a comprehensive system aimed at protecting retail investors and creating a transparent infrastructure.
Advertising: only for "non-accredited" investors
A key innovation will be a strict separation of advertising materials. Open advertising of investments will be permitted exclusively for those digital assets that are available to non-accredited investors on exchange trading. Currently, this list includes only three instruments: Bitcoin (BTC), Ethereum (ETH), and the stablecoin Tether (USDT).
As for more exotic or risky crypto assets intended only for "accredited" investors, their advertising will be strictly limited. Only those who have confirmed their status will be able to see such offers, by analogy with mechanisms requiring age verification. This is a direct blow to aggressive marketing that has misled inexperienced users for years.
Registries: transparency as a weapon
Another important step will be the creation of unified registries of market participants. The Bank of Russia will take over the registration of exchangers, exchanges, management companies, and brokers. The Federal Tax Service, in turn, will continue to maintain the registry of miners. This approach will give consumers a quick mechanism for verifying the legality of a particular professional participant's activities, which is critical in a sphere where fraud thrives.
Sanctions pressure and countermeasures
External threats have not been overlooked either. Given the tightening of EU sanctions packages against crypto companies, Russian legislators have provided a mechanism to protect the rights of asset holders. The main task is to guarantee that Russian investors do not face a situation where their coins are frozen on a distant foreign platform. The new law empowers the government to introduce a special regime for the circulation of digital currencies in response to unfriendly actions from outside. This is a flexible tool that will allow for a prompt response to attempts to block settlement channels.
In essence, we are witnessing an attempt to build a "fortress" around the national crypto market: on the one hand, shielding it from external pressure, and on the other, establishing order within. I believe that introducing registries and dividing investors by qualification is a logical and long-overdue step for the civilized development of the industry. However, the effectiveness of these measures will directly depend on the flexibility of law enforcement and the regulator's ability to keep pace with technology.