From January 29, 2024, Google said advertisers offering Cryptocurrency Coin Trust can advertise their products on the platform.
This is coming 5 years after the search giant banned all crypto-related product ads from its platform. Google in a new policy update just released said the changes are based on new criteria through its certification process and are aimed at allowing crypto users to have adequate information to make informed decisions.
According to the company, once the policy takes effect, Cryptocurrency Coin Trusts can create and serve ads on Google.
However, direct promotions that imply or offer purchases, holding, or swapping are prohibited. Cryptocurrency Coin Trusts, as defined by Google, are financial products enabling investors to trade shares in trusts holding extensive digital currency pools.
Businesses that accept virtual currencies for payments or sell mining hardware may also advertise on Google, provided they follow current Google Ads regulations. Notably, educational content on crypto is also allowed on the platform.
What Google is saying
Google in the policy update noted that in addition to its guidelines, all advertisers are to comply with the local laws for any area that their ads target.
- “We want users to have adequate information to make informed financial decisions. Our policies are designed to give users information to weigh the costs associated with financial products and services and to protect users from harmful or deceitful practices. For the purposes of this policy, we consider financial products and services to be those related to the management or investment of money and cryptocurrencies, including personalized advice.
- “When promoting cryptocurrencies and related products, you must comply with state and local regulations for any region or country your ads target. Refer to our non-exhaustive list of country-specific requirements for more information but note that advertisers are expected to do their research on the local regulations for any location their ads target,” it said.
NFT games also allowed
Google said NFT-based games and platforms are allowed to advertise on the platform, but only to a certain extent. It added that blockchain-based games that offer purchases of items, characters, weaponry, or armour with improved stats and the like are allowed as long as these are consumed in-game.
- “Promotion of games where players can wager or stake NFTs in exchange for the opportunity to win anything of real-world value (including other NFTs),” Google said.
Hardware wallets that hold private keys to crypto and NFTs are also allowed to advertise under certain conditions. The policy also details the requirements for advertising cryptocurrency exchanges and software wallets, stressing the necessity of licensure and adherence to local laws and industry standards.
What you should know
In March 2018, Google announced a ban on any crypto-related advertisements on its platform amid growing concerns about scams. Google’s action at that time followed a similar move by Facebook earlier in the year.
Google at that time stated that it had updated its Financial services policy to disallow ads for cryptocurrencies and related content.
According to the company, this includes the likes of initial coin offerings, crypto exchanges, cryptocurrency wallets, and cryptocurrency trading advice.