RATE Group | Russia: Court Issues First Ever Fine For Cryptocurrency Advertising
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Russia: Court Issues First Ever Fine For Cryptocurrency Advertising

09 Aug Russia: Court Issues First Ever Fine For Cryptocurrency Advertising

Posted at 14:46h in Cryptocurrency News by

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A Russian court has ruled for the first time that a local newspaper must pay a fine of 50,000 rubles ($760) after it ran a cryptocurrency mining advertisement.

‘Financial, Not Consulting Services’

As local news outlet Interfax reports August 8, the Eleventh Arbitration Court of Appeal (ACA) found the publication Edinstvo Nizhnekamsk, which circulates in the Republic of Tatarstan, in breach of advertising regulations.

The case came to court via the Federal Anti-Monopoly Service and a local branch of a subdivision of Russia’s Central Bank.

The state organs alleged that the advertisement in question, which simply carried the statement “Investments in cryptocurrency. Bitcoin, Ethereum, Zcash. Assembly and setup of mining farms” along with a contact telephone number, ran contrary to legal statutes.

Russia is Fully Embracing the Technology

“From the sense of the content of the aforementioned advertisement, it follows that Richard Timurovich Blumchen is offering financial services, and not consulting ones,” the…

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