Google Updates Policy to Allow Crypto Trust Advertisements
Google has announced changes to its policy regarding cryptocurrency-related advertising. Starting at the end of January, the company will permit advertisements for crypto trusts. These financial products allow investors to trade in trusts that hold significant amounts of cryptocurrency, providing equity in cryptocurrencies without actually owning them.
Global Impact of Google’s Crypto Ad Guidelines
The updated guidelines will apply globally, outside of the US, and to any accounts promoting cryptocurrency coin trusts on an international scale. The goal of these modifications, effective from January 29, 2024, is to give customers access to more reliable information and protect them from risks associated with investing in cryptocurrencies.
Marketers targeting American consumers can endorse these products and services by following the specified guidelines and obtaining Google certification. However, Google now prohibits advertisements for DeFi protocols, NFT-based gaming platforms, initial coin offerings, and businesses offering trading recommendations.
There is a high likelihood that a spot Bitcoin ETF will be approved in the US by January 10, 2024. Analysts predict that Bitcoin may reach a new all-time high in 2024.
Evolution of Google’s Crypto Ad Approach
In 2018, Google banned all cryptocurrency-related advertising due to caution. However, in 2019, the company softened its prohibition and started allowing regulated cryptocurrency sites to advertise. This shift reflects Google’s recognition of compliant bitcoin companies while monitoring the broader cryptocurrency industry.
The change in Google’s policy coincides with an increase in fraudulent cryptocurrency ad campaigns, with 66% of investment scams originating from social media ads. These scams often target individuals between the ages of 25 and 34.
The global cryptocurrency market is currently valued at around $1.6 trillion.
Hot Take: Google Embraces Crypto Trusts with New Advertising Policy
Google’s decision to allow advertisements for crypto trusts marks a significant shift in its approach to cryptocurrency advertising. By permitting these financial products, Google aims to provide users with more reliable information and protect them from potential risks. This move comes as the cryptocurrency market continues to grow, with the potential approval of spot Bitcoin ETFs in the US. While Google still prohibits certain types of cryptocurrency advertising, this policy update demonstrates the company’s evolving perspective on cryptocurrencies and its recognition of regulated entities within the industry.
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