Russia’s largest search engine, Yandex, now prohibits ads for cryptocurrency exchanges, smart contracts, mining, and ICOs.
Yandex, the most popular search engine in Russia, has changed its advertising guidelines to prohibit advertisements for cryptocurrency services within the country.
The new policy, which goes into effect right away, is part of a larger initiative to bring the platform’s operations into compliance with the nation’s cryptocurrency laws, which were established when Russian President Vladimir Putin signed a bill that upholds stringent bans on the promotion of cryptocurrencies and services that revolve around their use.
According to a Yandex statement, advertisements for cryptocurrency exchanges, blockchain services, smart contracts, cryptocurrency mining, initial coin offerings, and any ads that promote profits from these activities are expressly forbidden by the prohibition.
Additionally, advertising for services that examine cryptocurrency wallets and transactions for signs of money laundering is prohibited under the policy. However, Yandex did clarify that some relevant ads would still be permitted.
These included ads for actual hardware used for cryptocurrency mining and storage, as well as articles, training materials, and events pertaining to cryptocurrency, mining, and initial coin offerings (ICOs).
The new regulations now allow for legal consultations on crypto-related matters. Yandex will still accept cryptocurrency adverts for users in non-Russian nations, albeit with some limitations.
Advertising in these areas is subject to all applicable local laws and Yandex’s advertising guidelines, which forbid making claims about the safety and risk-free nature of cryptocurrency transactions, promising bargains or quick profits, or citing success stories.
Yandex’s recent tightening of its ad standards starkly contrasts Google’s approach, which took a more permissive stance earlier this year in response to the U.S. Securities and Exchange Commission’s approval of spot Bitcoin exchange-traded funds.
