Google to Allow Advertisements for “Crypto Trusts”
Internet giant Google recently announced updates to its cryptocurrency ad policies, which will permit advertisers to offer ads for “Cryptocurrency Coin Trusts” in the US starting on January 29, 2024. The changes aim to clarify the requirements and scope for advertising these types of products. Advertisers can target the US with ads for Cryptocurrency Coin Trusts if they meet specific criteria and are certified by Google. Google defines these trusts as financial products that enable investors to trade shares in trusts that hold large pools of digital currency. The updated policy will go into effect early next year.
Relaxed Restrictions on Crypto Advertising
Google, known for its cautious approach to crypto ads, has relaxed its policies allowing for more types of advertisements. In August, the company eased restrictions to allow ads for NFT games, companies that accept crypto, and licensed providers of crypto exchanges and wallets. However, Google still bans ads for ICOs, gambling, and staking NFTs.
Google’s Policy Shift and ETF Approval
Google’s change in policy aligns with the anticipated approval of the first spot Bitcoin exchange-traded fund (ETF) by the SEC. Bloomberg’s ETF analyst suggests a 90% chance of approval by January 10. Thirteen companies, including Fidelity, BlackRock, and Grayscale, eagerly await the SEC’s decision to launch their own products.
Hot Take: Google Adopts New Approach to Crypto Advertising
Google’s recent updates to its cryptocurrency ad policies indicate a shift towards a more open approach to crypto-related advertisements. By allowing ads for “Crypto Trusts,” Google is embracing the evolving digital asset landscape. The relaxation of restrictions suggests a growing acceptance and recognition of the legitimacy of certain crypto products and services. This move potentially sets the stage for greater adoption and mainstream integration of cryptocurrencies. As the SEC’s decision on the first spot Bitcoin ETF approval looms, Google’s policy change may signal increasing confidence in the regulatory environment for cryptocurrencies. It remains to be seen how other major tech companies and platforms will respond to these developments.
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