Russia’s Largest Search Engine Updates Crypto Terms of Service, Here’s Why

Todaysgist, News – Russia’s largest search engine, Yandex, has updated its advertising policy regarding crypto services in Russia. One of them is banning ads for crypto exchanges, smart contracts, mining activities and ICOs.

Quoting crypto.newswritten Tuesday (8/20/2024), the new policy will take effect immediately and is part of a broader effort to align platform operations with the country’s regulations on crypto. This comes after Russian President Vladimir Putin signed a law that maintains a strict ban on crypto advertising and related services.

According to a statement from Yandex, the ban specifically prohibits advertising for crypto exchanges, blockchain services, smart contracts, crypto mining and initial coin offerings (ICOs) as well as any advertising promoting earnings from these activities.

The policy restricts advertising for services that check crypto wallets and transactions for money laundering activity.

However, Yandex clarified that certain related ads will still be allowed, such as ads for physical equipment used in crypto mining and storage, educational articles, training materials, and events related to crypto, mining, and ICOs. In addition, legal advice on crypto topics will also be allowed under the new rules.

For countries outside of Russia, Yandex will continue to allow crypto ads, albeit with some restrictions. Ads in these regions must comply with all local laws and Yandex’s advertising policy, which prohibits guarantees of quick earnings, promises of successful transactions, references to success stories, and claims of safe and risk-free crypto transactions.

Yandex’s tightening of advertising policies stands in stark contrast to the approach of its US rival Google, which earlier this year relaxed its requirements for crypto ads after the US Securities and Exchange Commission approved spot bitcoin.

Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling crypto. Todaysgist is not responsible for the profits and losses arising from investment decisions.