Search engine-turned-tech behemoth Google is adjusting its advertising policy around cryptocurrency wallet and exchange services, according to a web announcement from the company today. The changes are set to take effect in August. Let’s take a look at the brass tax around the new policy, and how it differs from Google’s stance over the years:
Google Policy: What’s Changing?
Effective August 3, crypto exchanges and wallets targeted at US consumers may “advertise products and services when they meet the following requirements and are certified by Google”, according to the published statement. The adjustment is part of Google’s broader financial products and services policy.
The above requirements in the preliminary report include registration with both “FinCEN as a money services business and with at least one state” or “a federal or state chartered bank entity” as a money transmitter. Previous cryptocurrency exchange certificates that were issued will be cancelled, and crypto wallet and exchange firms will have to request new certificates in early July once the application becomes available.
Additionally, advertisers will still have to comply with any relevant local, state, and federal legal requirements, and comply with broader Google Ads policies.
Notably, the update also specifically excludes the “initial” coin offerings, DeFi trading protocols, or otherwise promoting the buying, selling or trading of cryptocurrencies or related products from advertisers”. Additionally, “advertising destinations that aggregate or compare issuers of cryptocurrencies or related products” are also not permitted. Will go
Related Reading | Altcoin Season Is Here: “Buy Crypto” Beats Bitcoin Searches On Google
Google’s History With Crypto Ads
The policy change is the first since 2018, when cryptocurrency advertising was widely banned at the beginning of the year. As of September of 2018, the search engine relaxed its policy and allowed exchanges to be ‘certified’ with Google to serve ads. The certification was only applicable for advertisers targeting the US and Japanese markets.
This has created unique challenges, especially for exchanges looking to build relationships 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 this mean
The move shows that Google is heating up to allow crypto exchanges and wallets to serve ads, while still imposing substantial regulatory hurdles to do so. Despite being unchanged for years, today’s adjustment to the policy was certainly not anticipated by most crypto advertisers. While the door will still remain closed for a good portion of crypto institutions, the policy is undoubtedly more liberal than its predecessor from 2018.
Despite strict guidelines to date, the firm still faced previous scrutiny for allowing scam projects to slip through its advertising rules; What effect this will have going forward, remains to be seen.
Featured image from Pixabay, Charts from TradingView.com