Today, Google released a new update about its advertising guidelines. The update will allow cryptocurrency wallet parties and exchanges from around the world to once again run ads on Google’s search engine, YouTube, Gmail, and Blogger. Currently, these ads are only allowed to target US users.
There are strict conditions attached to these ads
It may seem that anyone can now create crypto ads for Google. However, there are strict conditions attached to these advertisements. Any crypto party wishing to use them must be registered with Financial Crimes Enforcement Network (FinCEN) or have a license to operate a national or local bank.
This policy change comes three years after Google banned all crypto-related ads in March 2018. However, Google changed this policy five months later and allowed regulated cryptocurrency exchanges such as Coinbase to advertise in the United States and Japan in September 2018. As of today, other crypto companies are also allowed to advertise, but not all. The new policy does not allow advertising for Initial Coin Offerings (ICOs), decentralized financial trading protocols (DeFi), or advertising for specific cryptocurrencies.
A step in the right direction for the crypto community
The change in Google’s stance could be an important step for the crypto community, which faces regulatory uncertainty around the world. Inclusion in Google’s advertising network will allow them to reach a large audience, while regulations from US financial regulator FinCEN will give these platforms some credibility they may not have had before.
Google’s parent company is Alphabet, and it generated $147 billion in advertising revenue last year, accounting for 80% of its total revenue.