The search engine turned into a tech giant Google is adjusting its advertising policies around cryptocurrency wallets and transaction services, according to reports Network announcement From today’s company. The changes will take effect in August. Let’s take a look at the brass tax surrounding the new policy and how it differs from Google’s position over the past few years:
Google policy: What has changed?
According to the issued statement, since August 3, cryptocurrency exchanges and wallets for American consumers “can advertise these products and services if they meet the following requirements and are certified by Google.” This adjustment is part of Google’s broader policy on financial products and services.
The above requirements in the initial report include the registration of “FinCEN as a money service business and at least one state as a money transfer agency” or “federal or state chartered banking entity”. Previously issued cryptocurrency exchange certificates will be revoked. Once the application is available, crypto wallets and exchange companies must apply for new certificates as early as July.
In addition, advertisers are still required to comply with any relevant local, state, and federal legal requirements and comply with the broader Google Ads policies.
It’s worth noting that the update also specifically excludes the “initial coin Products, DeFi transaction agreements, or otherwise promote the purchase, sale or transaction of cryptocurrency or related products”, not advertisers. In addition, “aggregating or comparing the advertising destinations of issuers of cryptocurrencies or related products” will not allowed.
Google’s history of encrypted advertising
This policy change is the first time since 2018, when cryptocurrency advertising was widely banned at the beginning of the year. By September 2018, search engines had relaxed their policies and allowed exchanges to obtain Google’s “certification” for advertising. Certification only applies to advertisers targeting the U.S. and Japanese markets.
This leads to unique challenges, especially for exchanges that want to establish rapport in the US market.
Increased crypto adoption has likely been in a factor in influencing Google's recent policy adjustment | Source: CRYPTOCAP on TradingView.com
What does it mean
This move shows that Google is preparing to allow cryptocurrency exchanges and wallets to advertise, while still setting up a lot of regulatory barriers. Although there have been no changes over the years, most crypto advertisers certainly did not anticipate today’s policy adjustments. Although the doors of most encryption institutions will still be closed, the policy is undoubtedly more lenient than its predecessor in 2018.
Despite strict guidelines so far, the company has faced scrutiny in the past for allowing fraudulent projects to violate the company’s advertising rules; how this will affect future development remains to be seen.
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