Beginning in August of this year, Google will allow companies that offer cryptocurrency wallets to run ads.
Initially, this practice was banned in 2018 not only for Google, but for other companies like Facebook. Google has started to loosen up its restrictions though, so you may start seeing ads for cryptocurrency wallets on their search engine, YouTube, and other areas—as long as those ads are certified and as long as the wallets remain in line with certain rules and regulations.
As of now, Google has clarified that these new rules about ads only apply to wallets in the United States, although global ads will be allowed.
After three years, why is Google suddenly changing its stance? It has to do with the existing FinCEN (Financial Crimes Enforcement Network) regulations and requirements, according to a spokesperson. This is why the rules will begin to take effect starting on August 3rd, and if these cryptocurrency wallets want to be advertised, they’ll need to be registered with FinCEN and any other federal or state-chartered banks.
This is something that companies offering cryptocurrency should keep in mind because all previous cryptocurrency exchange certifications will be revoked beginning on August 3rd as well. This means that advertisers must request new cryptocurrency exchanges and wallets certification with Google. All they need to do is use the application form that will be published on July 8th.
Google’s move has provided many in the cryptocurrency world new life, as this removal of restrictions on ads will allow more companies to reach more people all over the world. Having the FinCEN’s regulation makes the entire platform feel more credible too, which was an issue previously.
The ban on certain ads isn’t entirely gone though. Google has specified that the ad bans will still be in effect for initial coin offerings (ICOs) and any other services that do comparisons of cryptocurrencies. Indian cryptocurrency will also not be affected very much, since certain Indian crypto wallets can begin to operate using Google advertisements, but the community of India which makes apps and crypto assets will not be able to run ads.
Additionally, Google has made it clear that decentralized finance (DeFi) trading protocols will not be allowed. Also not allowed are any ads that promote the purchase, sale, or trade of any cryptocurrencies and related products.
This does not mean that this move isn’t an important one. In fact, many cryptocurrency companies will have a much wider reach now, and will be able to reach more people than before. Any company can also participate in the new platform for ads offered by Google so long as they comply with existing regulations.
As a part of those regulations, companies should remember that on July 8th, according to Google, there will be an application form for certification with Google. Even if your company already has an existing certification, it is necessary to be recertified again since Google will revoke any existing certifications.
Make sure that your company certifies itself and abides by regulations by August 3rd and ensure that your proposed ads comply with all regulations by checking the information given on Google’s blog posts.
While this move will only apply to United States companies as of now, there’s opportunity for updates in the future, and for Google to continue to provide new information as they work out the necessary regulations.