The organisers of the CryptoSummit forum have informed participants of a ban on advertising cryptocurrency transactions at their stands, as reported by Kommersant.
Specifically, the promotion of particular coins, trading bot services, asset management, exchanges, and wallets is prohibited. However, advertising crypto forums or courses is permitted.
In their letter, the organisers referred to the provisions of the mining law, which, with some exceptions, came into effect on August 17.
Violations of the ban by advertisers, producers, and distributors of the relevant products are subject to administrative fines:
- for individuals — 2000-2500 roubles;
- for officials — 4000-20 000 roubles;
- for legal entities — 100 000-500 000 roubles.
Market participants, including those in the media, intend to await clarifications on the application of the new law.
Preliminary expert estimates suggest that a total ban on advertising could reduce the operational profit of cryptocurrency projects by 10-25 billion roubles annually.
Earlier, ForkLog reported that Yandex updated its advertising requirements, banning the promotion of digital assets, mining, blockchains, exchanges, and exchangers on its platform.