Google says all prior certifications issued to businesses looking to place ads on its website will be revoked and new requests must be made in line with the established guidelines.
Search engine giant Google, a subsidiary of Alphabet Inc (NASDAQ: GOOGL), has published a new update to its financial products and services policy in which that will allow it to permit crypto ads from digital currency exchanges and wallets. According to the update posted on its support page, Google said its new guidance for cryptocurrency ads will take effect starting on August 3.
The search giant said advertisers offering Cryptocurrency Exchanges and Wallets targeting the United States will be allowed to use its platform when they are duly certified. To obtain the necessary certifications, the trading platforms or related businesses must be registered with the Financial Crimes Enforcement Network (FinCEN). This could be as a Money Services Business and with at least one state as a money transmitter. Entities may also be registered with a federal or state-chartered bank entity.
Additional requirements quoted by Google include the need for advertisers to comply with relevant legal requirements, including any local legal requirements, whether at a state or federal level. All Google targeted crypto ads placement must also comply with the platform’s advertisement policies.
Google says all prior certifications issued to businesses looking to place ads on its website will be revoked and new requests must be made in line with the established guidelines. As a more detailed guideline, the Google crypto ads will not be allowed for initial coin offerings, DeFi trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products. The company also said it will prohibit ads targeted at promoting “cryptocurrency trading signals, cryptocurrency investment advice, aggregators, or affiliate sites containing related content or broker reviews.”
Google Crypto Ads Update: Implication for Industry Growth
Google is a multinational tech firm with a global reach. This latest move compliments a 2018 stance in which the firm softened its stance of cryptocurrency ads permission. The current allowance of crypto ads can aid the push of digital currencies and related offerings to a global audience, many of which might have heard about cryptocurrencies, but not understand the technology and its potentials.
The entire blockchain and crypto ecosystem is a little more than a decade old and the adoption rate in the past year has reflected the world’s need for alternative spendable currencies. A cross-border platform to present the unique offerings of this technology and its ensuing innovations is essential for a journey to mainstream adoption.
The update to the Financial Products and Services Policy by Google is a recognition of the strides of the industry. More than ever, users and investors around the world are turning to digital currencies to fight monetary devaluation, conduct a fast and cheap transaction, and serve as a store of value. Google’s allowance of crypto ads can help add the crown to the revolutionary push of blockchain, cryptocurrencies, and the associated innovations.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.