Starting August, US tech giant Google will let cryptocurrency exchanges and wallets run advertisements on its platform.
The company announced on Wednesday that its new global policy for crypto ads will take effect on August 3. Advertisers will be able to introduce crypto products and services to the search engine.
According to a Google spokesperson, this policy update aims to “better match existing FinCEN regulations and requirements”. It also defines the terms and conditions for running ads related to cryptocurrency business and services.
New Rules on Crypto Ads
To run ads on Google search, crypto exchanges and wallets must first get certified. That’s because all existing certifications will be nullified. They must also meet the following requirements:
- Be registered as a “Money Services Business” with the Financial Crimes Enforcement Network (FinCEN)
- Have at least one state as a money transmitter
- Alternatively – be registered as a “federal or state-chartered bank entity”
- Ads and landing pages should comply with existing Google Ad policies
ICO Ads Still Banned
Google also specified that it won’t allow all ads. The tech giant prohibits the ones about Initial Coin Offerings (ICO) and Defi trading protocols. Some other examples of forbidden ads include:
- ICO Pre-sales or public offerings
- Cryptocurrency loans
- Initial DEX offerings
- Celebrity cryptocurrency endorsements
- Cryptocurrency trading signals
- Unhosted wallets
Potential Growth in the Crypto industry
Google search statistics show that there’s a staggering 2.5 trillion searches on the platform per year. That’s a massive pool of potential cryptocurrency buyers.
As of February 2021, there are 68 million crypto wallet users. With this trend, it’s expected that search engine ads will make it easier for people to buy cryptocurrency or engage in similar investments.