Google, the search engine-turned-tech giant, is adjusting its advertising policies for cryptocurrency and wallet exchange services, according to the company’s web announcement today. The changes will take effect in August. Let’s take a look at the brass tax around the new policy and how it differs from Google’s position in recent years:
Google Policy: What’s Changing?
As of August 3, cryptocurrency exchanges and wallets targeting US consumers “can advertise these products and services as long as they meet the following requirements and are certified by Google,” according to a statement released. The adjustment is part of Google’s broader financial products and services policy.
The requirements mentioned above in the initial report include registering with FinCEN as a money services company and in at least one state as a money sender or with a federal authorized banking institution or state. Previously issued cryptocurrency exchange certificates will be revoked and cryptocurrency and wallet exchange companies will have to request new certificates starting in July as soon as the apps become available.
In addition, advertisers must comply with all applicable federal, state, and local laws and general Google Ads guidelines.
Notably, the update also specifically excludes “initial coin offerings, DeFi trading protocols, or promotion of buying, selling or trading cryptocurrencies or related products” from advertisers. In addition, “ad placements that add or compare issuers of cryptocurrencies or related products” are prohibited.
Related reading | Altcoin Season Has Come: ‘Buy Cryptocurrency’ Beats Google’s Bitcoin Searches
Google’s story with crypto ads
The policy change is the first since 2018, when cryptocurrency advertising was largely banned at the beginning of the year. In September 2018, the search engine relaxed its policy and allowed exchanges to “certify” Google for advertising. Certification applies only to advertisers targeting the US and Japanese markets.
This has created some unique challenges, especially for exchanges looking to establish good relations in the US market.
Growing Cryptocurrency Adoption Probably Affected Google’s Recent Policy Adjustment | Source: CRYPTOCAP on TradingView.com
The move suggests Google is preparing to allow crypto exchanges and wallets to advertise, while creating significant regulatory hurdles to do so. While they haven’t changed in years, most crypto advertisers weren’t expecting the current policy adjustment. While the door will remain closed to a significant portion of crypto institutions, this policy is certainly more lenient than its 2018 predecessor.
Despite the stringent regulations in force today, the company has always been scrutinized to allow fraudulent projects to evade the company’s advertising policies; It remains to be seen how this will affect this in the future.
Related reading | Instagram’s research of the NFT market shows that the era of social media-based NFT platforms is fast approaching.
Best Image From Pixabay, Charts From TradingView.com