Cryptocurrency Advertising in Russia: How the New Law Works and What Has Changed for the Industry

Russian cryptocurrency sector regulation continues to evolve, and one of the most significant changes concerns the promotion of digital assets. In 2024, substantial amendments were made to the legislation on digital financial assets, directly affecting companies operating in the crypto industry. Together with legal expert Yuri Brisov, partner at DA Partners and creator of CryptoMap, we will analyze how these changes impact businesses, what ambiguities remain in the wording, and how companies can act to avoid fines.

What happened: key changes in cryptocurrency advertising restrictions

In spring 2024, Russia introduced serious legislative restrictions on promoting digital assets. Specifically, two new points (13 and 14) were added to Article 7 of the Law “On Advertising,” which prohibit the dissemination of information about digital currencies and digital financial assets for their sale. Additionally, advertisements for goods and services intended for issuing and circulating cryptocurrencies were banned.

At first glance, this appears to be a radical turn. In reality, Russian courts have long held the position that advertising cryptocurrencies is inadmissible — now this practice has simply been formally enshrined in law.

According to the law’s definition, advertising is information distributed by any means, aimed at an indefinite audience, intended to attract their interest to a particular object to promote it on the market. Key point: not all dissemination of information qualifies as advertising under this definition.

Which types of digital assets are prohibited

The law didn’t just ban all cryptocurrencies outright — the wording is more nuanced. Only those digital financial assets that the issuer has specifically restricted to a certain group of buyers are subject to restrictions.

In simpler terms: if a company states that its asset can only be purchased by a narrow circle of legal entities or entrepreneurs meeting certain criteria, then advertising such an asset to the general public is prohibited. This restriction aims to protect unqualified investors from high-risk complex instruments.

However, the ban excludes:

• Unrestricted DFA (available to anyone)
• NFTs and utility digital rights
• Stablecoins (pegged to regular currencies)
• Foreign digital assets
• Meme coins and conditional tokens

This creates an interesting situation: popular cryptocurrencies like Bitcoin and Ethereum are, on the one hand, technically considered digital currencies, but on the other hand — they do not fall under the standard definition of DFA in Russian law, as they are not tied to official currencies and operate according to their own rules without central management.

Which crypto businesses face restrictions

The new ban affects the following activities:

Most affected:

• Cryptocurrency exchanges and trading platforms
• Crypto trading platforms
• Services for buying and selling digital assets
• ICO projects aimed at attracting investments

Relatively less affected:

• Blockchain education projects and courses
• Market analysis services and platforms
• Blockchain solution developers
• Mining companies
• Blockchain games (if marketing is properly framed)

What can be published and what is strictly prohibited

This question causes the most confusion among companies. Practice shows that many borderline cases remain in the so-called gray zone.

Strictly prohibited:

• Direct calls to buy or sell cryptocurrencies
• Advertising crypto exchange services and platforms
• Promoting specific cryptocurrencies as investment opportunities
• Organizing trading tournaments to attract traders
• Advertising ICOs and token sales

Permitted and not illegal:

• Publishing educational content about blockchain principles
• Posting market analysis and reviews
• Conducting interviews with industry experts
• Describing technological aspects of digital assets
• Discussing regulatory frameworks and legal issues

Gray zones requiring caution:

• Blockchain games with internal tokens (focus on gameplay, not on tokens)
• NFT collections and digital art (cannot be positioned as investments)
• Information on specialized forums and closed channels (may not qualify as advertising, as aimed at a specific audience)
• Private ads on P2P platforms (a single ad may not be considered advertising, but the platform itself could be subject to restrictions)

A key point: information disseminated at scientific conferences, in research publications, or at educational events is generally not considered advertising under the law. Similarly, information directed at a specific individual (e.g., email newsletters upon request or messages in closed Telegram chats) does not fall under the advertising definition.

How to protect yourself from legal violations

For companies working with digital assets, the following approach is recommended:

1. Rephrase marketing materials
Replace direct calls with neutral language. Instead of “Buy Bitcoin with low fees,” use “Learn about digital asset management tools” or simply describe the platform’s functionality.

2. Shift focus to education
If your business is education, analytics, or development, emphasize that. Do not position cryptocurrency as a product for purchase but as an object of study.

3. Check your target audience
If you distribute information to a closed group of specialists or entrepreneurs meeting certain criteria, this may not qualify as advertising.

4. Avoid mentioning specific exchanges in ads
Do not mention the names of particular trading platforms publicly. Focus on technology or educational content instead.

5. Document your intent
If in doubt, keep records of your dissemination goals. For example, if it’s a scientific conference, this clearly demonstrates an educational rather than advertising purpose.

Fines and consequences: what violators face

Violating the cryptocurrency advertising ban entails serious financial and organizational consequences:

For advertisers and companies:

• Fines up to 500,000 rubles for placing impermissible ads
• Blocking of advertising accounts on social networks and platforms
• Requirement to remove materials within a set timeframe
• Possible legal costs

For online platforms and publishers:

• Fines up to 500,000 rubles
• Complete blocking of the site or app (in severe cases)
• Access restrictions by providers

Notably, responsibility can fall on both content publishers and the platforms hosting the content. This creates additional pressure on website owners and service providers to exercise stricter control over user-generated content.

Ambiguities in the law: where gaps remain

Despite detailed restrictions, the law leaves many questions unanswered. Experts highlight several key issues:

Problem 1: Vague boundaries
It’s unclear where informational content ends and advertising begins. Is posting news about Bitcoin’s price surge considered information or prohibited advertising?

Problem 2: Stablecoins in a gray zone
Their status is blurred. Many experts believe this is a legislative oversight, and in the future, stablecoins may also be banned.

Problem 3: P2P platforms
It’s unclear whether the entire platform is restricted or if individual private ads for buying and selling can remain permissible.

Problem 4: Foreign assets
The law states that foreign digital rights are not subject to restrictions, but how this applies to Russian users remains an open question.

Instead of conclusions: industry adaptation

The law banning cryptocurrency advertising in Russia does not completely shut down the crypto sector but significantly limits its ability to attract new users through traditional marketing channels. Some businesses will move into the gray zone, others will shift toward educational formats, and some will relocate to other jurisdictions.

The key to survival and growth is reformulating marketing approaches. Companies should learn to promote the technology, not the cryptocurrency; the service, not speculation; education, not trading.

Projects that can adapt their content to these restrictions and reposition themselves as technological solutions or educational platforms have the best chances for long-term success in the Russian market.