Google stated on January 29, 2024, that advertisers can promote their products on Cryptocurrency Coin Trust.
In 2013, Google banned all ads for crypto-related goods, but now they’re doing the opposite.
The new rules, announced in a recent press statement, are based on new standards set by Google’s certification process. Crypto users should have enough information to make intelligent choices. Once the policy is in place, Cryptocurrency Coin Trusts can make and show ads on Google, but they cannot promote buying, keeping, or trading altcoins directly.
In its financial products, Cryptocurrency Coin Trusts are what the tech company calls “shares in trusts holding diverse digital currency pools.” Businesses that take virtual currencies as payment or sell mining equipment can also promote on Google, as long as they follow the rules for Google Ads.
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Google’s rules for crypto ads
In the policy update, the tech giant clarified that all advertisers must also follow the rules in the areas where their ads are shown. The company’s primary goal is to give users all the information they need to make smart financial choices. For this, policies have been made that explain how much financial goods and services, like cryptocurrencies, cost.
“When advertising cryptocurrencies and related goods, you must follow all state and local laws in any region or country your ads target,” the company said. While giving a partial list of country-specific requirements, the tech company clarified that advertisers should study the rules in the places they want to reach.
NFT games and hardware wallets: Google’s expanded advertising scope
With the new strategy, the tech company will now let ads for NFT-based games and platforms run, but only under certain conditions. It’s okay for blockchain-based games to let players buy items, characters, weapons, or armour with better stats as long as the transfers stay inside the game.
The considerable tech giant also stated that advertising games that involve gambling or staking NFTs for real money, including other NFTs, is legal. Hardware wallets that protect cryptocurrency and NFT private keys can advertise under certain conditions. Detailed Bitcoin exchange and software wallet advertising requirements emphasise licensure and compliance with local laws and industry standards.
Google’s crypto ad reversal: A look back at the 2018 ban
Google banned all crypto-related ads in March 2018, following Facebook’s lead. Major platforms reevaluated their advertising standards due to rising cryptocurrency scam worries.
Google confirmed revising its Financial Services policy to ban cryptocurrency adverts and content. The broad ban covered ICOs, exchanges, wallets, and trading advice. The move addressed concerns and protected customers from Bitcoin fraud in the quickly expanding industry.