In a surprising development, the global tech giant, Google, said in a statement that it’s expanding its crypto-related advertisements. The move comes after years-long uncertainty around its policies related to the crypto market.
Per the statement,
Beginning August 3, advertisers offering Cryptocurrency Exchanges and Wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google.
It further added that firms that comply with their set of rules and are certified could advertise their offerings. The statement said,
[b]e duly registered with (a) FinCEN as a Money Services Business and with at least one state as a money transmitter; or (b) a federal or state chartered bank entity, [c]omply with relevant legal requirements, including any local legal requirements, whether at a state or federal level and [e]nsure their ads and landing pages comply with all Google Ads policies.
Previously, in 2018, Facebook decided to ban crypto advertising, and Google also joined the bandwagon. But Wednesday’s announcement suggests a massive change in its policy.
This new development means the company will now allow verified firms to advertise their products in American and Japanese markets. Meanwhile, critics have accused Google of failing to clamp down against phony schemes and scams.
Under the new policy, the tech giant would allow companies to advertise decentralized platforms, crypto offerings, token offerings, and trading of digital assets. However, the ads which compare the firms and their offerings are not allowed. Besides that, it urged advertisers to fully comply with their local government regulations.