Google Lifts Ban on Cryptocurrency Ads: New Policy Effective January 29, 2024
Starting January 29, 2024, Google is set to welcome advertisers promoting Cryptocurrency Coin Trusts, marking a significant shift five years after imposing a ban on crypto-related product ads. This policy update reflects Google's commitment to providing users with essential information for making informed financial decisions.
Cryptocurrency Coin Trusts, defined by Google as financial products allowing investors to trade shares in trusts holding diverse digital currency pools, can create and serve ads on Google. However, explicit promotions involving purchases, holding, or swapping are prohibited.
Businesses accepting virtual currencies for payments or selling mining hardware may also advertise on Google, ensuring compliance with existing Google Ads regulations. Educational content on cryptocurrencies is also permitted.
Google Guidelines:
Google emphasizes the need for advertisers to adhere to local laws in the regions they target. This includes compliance with state and local regulations related to the management or investment of money and cryptocurrencies. Advertisers are urged to research and understand local regulations in each targeted location.
NFT Games and Platforms:
Google permits advertising for NFT-based games and platforms, but with restrictions. Blockchain-based games allowing in-game purchases of items, characters, weaponry, or armor are acceptable. However, promotions involving the wagering or staking of NFTs for real-world value are prohibited.
Hardware Wallets and NFTs:
Certain conditions apply to the advertising of hardware wallets that hold private keys to crypto and NFTs. The policy outlines specific requirements for cryptocurrency exchanges and software wallets, emphasizing the importance of licensure and adherence to local laws and industry standards.
Historical Context:
In March 2018, Google imposed a ban on crypto-related ads, including ICOs, crypto exchanges, wallets, and trading advice, following a similar move by Facebook earlier that year. The ban aimed to address concerns about scams and was part of Google's updated Financial Services policy.
In conclusion, Google's decision to allow cryptocurrency ads signifies a renewed approach to the evolving digital landscape. Advertisers must navigate the guidelines and compliance measures outlined by Google to effectively promote their cryptocurrency-related products on the platform.
Related
- Senior Financial Accountant at Nestle Nigeria Plc
- Internal Auditor, Tomato Jos Farming and Processing Ltd.
- Senior HR Manager at African Climate Foundation
- Accountant at Aldreda Fields Limited
- Head, IT Governance & Strategy at Airtel Nigeria
Have a question? Ask now!
Follow us on Instagram!
