Google Updates Policy on Crypto Ads, Allowing Promotion of ‘Cryptocurrency Coin Trusts’
Google has announced that it will update its policy on allowing cryptocurrency-related advertisements worldwide. The company’s new update, set to take effect in January 2024, focuses on advertising rules for what Google refers to as Cryptocurrency Coin Trusts.
The announcement states that US advertisers will be able to promote Cryptocurrency Coin Trusts through Google ads if they meet specific criteria and receive certification from Google. Cryptocurrency Coin Trusts are investment vehicles that enable investors to trade shares in trusts holding various digital currencies.
Google’s update underscores its commitment to comply with local laws and align with the expected approval of spot Bitcoin exchange-traded funds (ETFs). The policy will also make allowances for businesses indirectly involved in cryptocurrencies, such as those accepting crypto payments or offering blockchain educational materials.
Strict Regulations Apply to NFT Gaming and Specific Crypto Products
While the updated policy allows advertisements for hardware wallets and other crypto-related services under certain conditions, it explicitly prohibits ads for initial coin offerings (ICOs), decentralized finance (DeFi) services, and the purchase, sale, or trade of specific cryptocurrencies.
However, strict regulations will still apply to non-fungible token (NFT) gaming and other specific crypto products based on the nature of their offerings.
Hot Take: Google Eases Restrictions on Crypto Ads
Google’s decision to loosen restrictions on crypto ads by allowing the promotion of Cryptocurrency Coin Trusts demonstrates a growing acceptance of the industry. By updating its policy to comply with local laws and embrace upcoming Bitcoin ETF approvals, Google is positioning itself as a supporter of the evolving crypto landscape.
This move opens up new advertising opportunities for businesses involved in cryptocurrencies, such as those accepting crypto payments or producing mining gear. However, Google remains cautious by enforcing strict regulations on NFT gaming and specific crypto products to ensure consumer protection and compliance with relevant laws.
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