Russian legislation continues to actively adapt to the realities of the crypto industry, and the latest initiatives of lawmakers clearly outline the vector of the industry's development. The key changes concern not only advertising restrictions, but also the creation of a transparent regulatory system, as well as mechanisms for protecting investor rights amid tightening sanctions pressure from the European Union.
What can and cannot be advertised
Significant changes are coming in the field of digital asset marketing. Open advertising of investments will be permitted only for those cryptocurrencies that are available to non-qualified investors on exchange trading. Currently, this list includes Bitcoin (BTC), Ethereum (ETH), and the stablecoin Tether (USDT).
It is important to emphasize that marketing of crypto platforms, brokers, or management companies is not prohibited per se. However, advertising must not position digital currencies as a means of payment for goods and services. Advertising materials concerning a broader range of crypto assets available only to "qualified investors" must be targeted and shown only after confirmation of the investor's qualification.
Registries and transparency as the foundation of trust
The Bank of Russia will take on the function of maintaining registries for key market participants: exchangers, exchanges, management companies, brokers, and operators of digital financial asset information systems. At the same time, the Federal Tax Service will retain the registry of miners.
The creation of such registries is a signal of movement toward a civilized market. Consumers will gain a fast and effective mechanism for verifying the legality of a particular platform or intermediary. This will reduce risks for beginners who are just entering the crypto market and weed out unscrupulous players.
Sanctions pressure and investor protection
The tightening of EU sanctions against crypto companies has become an important factor in the development of the new regulation. Lawmakers took into account the risks associated with the blocking of assets on foreign platforms. The fundamental position is that even under a negative scenario, the rights of asset holders will be guaranteed by Russian law. They will be able to manage their funds, transfer them between platforms, and sell them within the domestic jurisdiction.
A special regime as a response to external pressure
The law that came into force on September 1 empowers the government to establish a special regime for the circulation of digital currencies in response to unfriendly actions by foreign states. This decision, made in coordination with the Bank of Russia and relevant agencies, is a flexible tool for quickly reconfiguring regulation in the event of external attempts to block digital settlement channels.
My expert view: The Russian regulator is betting on building a sovereign and protected crypto infrastructure. Dividing investors into categories and imposing strict advertising restrictions is not a fight against the technology, but an attempt to integrate it into the legal framework with minimal risks for retail investors. In the long term, it is transparent registries and guarantees of rights that will become the main competitive advantage for legal market players.