The Russian regulatory landscape for digital assets is entering a new phase of structuring. The focus is on a comprehensive set of measures covering advertising restrictions, the creation of public registries of market participants, and mechanisms for protecting investors from external sanctions pressure. These steps signal a transition from spontaneous development to a strictly controlled ecosystem.
Advertising Framework: Available Only to "Qualified" Investors
A key innovation is the clear distinction in the marketing sphere. Advertising of crypto platforms, brokers, and management companies is not prohibited per se, but positioning digital currency as a means of payment for goods and services is now unacceptable. Moreover, open advertising of investments will be permitted exclusively for those assets that are available to non-qualified investors on exchange trading.
At present, only three instruments fall into this category: Bitcoin (BTC), Ethereum (ETH), and the stablecoin Tether (USDT). Investments in other crypto assets, available only to "qualified" investors, must be "blurred" in advertising and addressed solely to individuals who have confirmed their status, by analogy with content requiring age verification. This creates a precedent in which the mass retail investor sees only the "blue chips" of the market.
Registries as a Foundation of Trust
The Central Bank will take on the function of maintaining registries for exchangers, exchanges, managers, brokers, and operators of digital financial asset information systems. The Federal Tax Service, in turn, will retain control over the registry of miners. This approach forms a transparent verification mechanism: consumers gain a quick way to check the legality of a specific professional participant before starting cooperation, which should significantly reduce the risks of dealing with unscrupulous intermediaries.
Sanctions Architecture and Asset Protection
Special attention is paid to external threats. In response to the tightening of EU sanctions packages, which have affected a number of foreign crypto companies, a new law taking effect on September 1 provides for the possibility of introducing a special regime for the circulation of digital currencies. The government, in coordination with the Central Bank and relevant agencies, will be able to flexibly respond to attempts to block settlement channels.
Critically, under any of these scenarios, the rights of asset holders remain protected by law. Even if a foreign platform freezes funds, clients will be able to dispose of them, transfer them between platforms, and sell them within the Russian jurisdiction. This creates a safety net that minimizes reputational and financial losses from the actions of unfriendly states.
My view: dividing assets into "qualified" and "non-qualified" in advertising is a pragmatic step that protects the retail investor from high-risk schemes, but at the same time narrows the information field for beginners. However, creating an analog of a "crypto-QR" for verifying counterparties is precisely the infrastructure element that the market lacked for institutional trust. In the long term, this could attract more conservative capital that previously avoided the gray zone.