- Five years after Google banned all crypto-related product ads, the tech giant will allow advertisers offering cryptocurrency coin trusts in the United States to promote their products on its platform beginning January 29, 2024.
- Google stated that all advertisers must follow local laws for all locations they target in their ads. In South Africa, for instance, crypto ads must categorically state that crypto assets may lead to loss of funds.
- The search giant added that it will clarify the scope and requirements for advertising these cryptocurrency coin trusts in January 2024.
Cryptocurrency coin trusts are financial products that allow investors to trade shares in trusts that hold significant amounts of digital currency. It effectively prohibits direct marketing that suggests or calls for buying, holding, or swapping.
As for crypto educational content and businesses that accept e-currencies for payments or sell mining hardware, Google says they can also advertise on their platform, provided they stick to all current Google Ads regulations.
According to the tech giant, NFT-based games and platforms can also advertise on Google, but only to a certain extent. Blockchain-based games that allow players to purchase items, characters, weaponry, or armour will be permitted, though these will be limited to in-game exchanges.
Google emphasised how crucial it is to give all of its users enough information to enable them to make wise financial decisions. It assures that this policy change will offer users the information they need to weigh their options while protecting them from deceptive and harmful practices.
In March 2018, when Google banned any crypto-related advertisements on its platform, it was seen as a response to the growing scam concerns. Facebook took a similar action in the same year.
While there have been some minor anti-fraud regulations since then, it begs the question if it’s enough for Google to go back on the ban. Many see this simply as a move to increase its extensive advertising revenue, especially since the crypto market is starting to pick up.
The cryptocurrency market has recently seen an impressive overall performance; from October to November 2023, the total market capitalisation increased by 35%. Almost every coin in the top 10 by market capitalisation had a successful month-end.
While this allows some advertisers in the crypto space to expand, it still limits most players in the industry because Google only allows certain types of ads.
