Russian legislation on digital assets is entering a new phase of maturity. Following the entry into force of the relevant law on September 1, regulators and lawmakers are actively completing the framework of control and protection. Key changes concern not only the operations themselves, but also how cryptocurrencies can be presented on the market, as well as mechanisms to counter external pressure.
Advertising: only for "non-qualified investors"
One of the most significant innovations will be a strict distinction in advertising materials. Promotion of services by crypto exchanges, brokers, and exchangers will not be prohibited, but a clear dividing line will appear between instruments for qualified investors and those available to the general public. In open advertising aimed at the mass consumer, only those digital currencies that are permitted for purchase by non-qualified investors on exchange trading may be mentioned. Currently, this list includes only Bitcoin (BTC), Ethereum (ETH), and the stablecoin Tether (USDT).
All other crypto assets available only to "qualified investors" must be advertised in a targeted manner, similar to information requiring age verification. This is a logical step aimed at limiting retail investors' access to high-risk instruments. It is important to emphasize: in advertising materials, cryptocurrency must not be positioned as a means of payment for goods and services.
Registries: transparency as a foundation
In parallel with advertising restrictions, a supervisory system is also being built. The Bank of Russia will maintain registries for all key market participants: exchangers, exchanges, management companies, brokers, depositories, and operators of digital financial asset information systems. At the same time, the Federal Tax Service will retain the registry of miners. For consumers, this means the emergence of a quick mechanism to verify the legality of a particular platform. Clients will be able to verify in advance the legitimacy of the intermediary they intend to deal with, which will significantly reduce the risks of encountering fraudsters.
Sanctions and "special regime"
The legislator has also provided for countermeasures against external sanctions pressure, which continues to intensify against foreign crypto companies. The new law includes a provision allowing the government, in coordination with the Central Bank and relevant agencies, to introduce a special regime for the circulation of digital currencies. This mechanism is designed as a flexible tool for responding to attempts to block digital payment channels from outside. It will allow for rapid reconfiguration of regulation if another sanctions package tries to paralyze the industry's operations.
The key principle of these changes is the protection of asset holders' rights. Even if sanctions from unfriendly countries complicate the operation of foreign crypto transfers, clients' rights to their assets will be guaranteed by Russian law. Investors will be able to manage their coins, transfer them between platforms, and sell them within the Russian jurisdiction.
Expert commentary: We are witnessing the formation of a comprehensive and, importantly, defensible regulatory model. The division of investors and the creation of public registries are a global standard that has long been overdue. However, the main signal here is the state's readiness to protect citizens' assets from geopolitical risks, which could become a serious argument for the return of capital to the legal sphere of the Russian jurisdiction.