Yandex has updated its advertising policies, banning the promotion of digital assets, mining, blockchains, and cryptocurrency projects on its platform.
According to Yandex’s rules, the following advertisements are prohibited:
- electronic currency exchanges, including those exclusively for cryptocurrencies;
- blockchains and smart contracts;
- mining and ICOs;
- earning from cryptocurrency, mining, or ICOs with details on the specifics;
- checks of crypto wallets and crypto transactions;
- investments in cryptocurrency, mining, or ICOs.
However, the following advertisements are permitted:
- physical equipment used for mining and storing cryptocurrency, including farms and hotels;
- informational articles, educational materials, and events on cryptocurrency, mining, ICOs;
- certain related topics, such as legal consultations on cryptocurrency.
Analyst Viktor Pershikov explained on his Telegram channel that the law “On Advertising” prohibits advertising digital currency and goods (works, services) for the purpose of organizing and/or circulating digital currency.
“In the current wording, we have a ban on advertising almost anything except for the sale of miners and third-party services, such as consultations (again, not on how to acquire or exchange crypto, but, for example, legal consultations on the crypto market). From the perspective of interpreting the law, advertising platforms in Russia will interpret it in this broad manner,” he wrote.
Pershikov also emphasized that mining pools are also not allowed to advertise their services in Russia. Meanwhile, on August 8, Russian President Vladimir Putin signed a law allowing the legalization of cryptocurrency mining in the country.
“So, you can work, but you can’t advertise your services. Classic. I wonder if we should expect any comments, clarifications, or by-laws, or is it as naive as expecting an altseason in 2024?” the analyst added.
BitOK complained that checks for AML/KYT are also banned.
“AML checks are aimed at maintaining the security of both citizens’ assets and the state as a whole. Thanks to AML checks, users from the CIS can avoid blockages on foreign platforms. It would seem necessary to inform people about AML/KYT, but Yandex has a different opinion on this matter,” the specialists stated.
Experts at Cartesius believe that “the entire crypto market can forget about contextual advertising.” They also mentioned that some media and Telegram channels refused to advertise their legal channel due to the mention of digital assets.
Previously, Putin described the crypto market as “a very dynamic and promising area of the modern economy.”