Google realizes that the cryptocurrency boom has produced both wealth for some investors and excitement for others. As a result, Google is taking another look at its policies regarding cryptocurrency ads. The company is considering plans to end its sweeping ban on cryptocurrency-related advertising. Google’s parent company Alphabet gets roughly 86 percent of its total revenue from advertising. The company booked more than $54 billion in ad revenue in the first half of 2018.
Therefore, starting in August 2021, Google will update the Financial Products and Services Policy to clarify the scope and requirements to allow the advertisement of cryptocurrency related business and services.
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. The report also noted that all prior Cryptocurrency Exchange certifications will be revoked on August 3, 2021. Advertisers must request new Cryptocurrency Exchanges and Wallets certification with Google when the application form is published on July 8, 2021.
According to the policies introduced in the statement, crypto exchanges and wallets will be able to advertise when they are registered with FinCEN as a Money Services Business or registered with a chartered bank.Those businesses must also comply with state and federal requirements and comply with all Google Ads policies.
Back in 2018, Google announced that they were staying away from the cryptocurrency advertising business to protect consumers from fraud and scams. However, times have changed and the technology is safer. With cryptocurrency becoming more mainstream, Google is striving to stay ahead of the proverbial curve.
