Highlights:
- Google will, from August, allow Crypto Wallets to advertise on its networks
- Google, however, will not allow ads about Initial Coin Offerings (ICOs), Decentralized Finance (DeFi) trading protocols and more
- The change in Google’s stance could act as a shot in the arm of the Crypto community
The US-based search engine giant Google has announced a slight change in its policy around cryptocurrency advertising. The company had banned ads from crypto companies back in 2018, however, later changed its stance to include crypto exchanges.
Now, Google will also allow cryptocurrency wallets to advertise on its network, as long as they comply with certain rules and regulations set by the company.
Going by the blog post by the company, the new rules, as of now, will apply only to wallets in the United States (US), though they will apply to advertisements globally. Google told Bloomberg that the change has been made to match new regulations from the United States (US) Financial Crimes Enforcement Network (FinCEN).
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These rules will come into effect from the 3rd of August this year and will require all the crypto wallets to be registered with the FinCEN and federal or the state chartered banks.
In the post, the company said, “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”.
The change in the stance of this US-based tech giant could come as a shot in the arm for the crypto community, which has been facing regulatory uncertainties across the globe. Being allowed on the Google ad network will allow them to reach a wider number of users, while the US FinCEN’s regulations lend a bit of credibility to these platforms that they may not have had earlier.
Having said that, the new policy might not affect the Indian crypto community as much. Crypto wallets such as Unocoin might be able to take advantage only if they get the proper certifications and registrations, however, the larger community in India, which makes apps around crypto assets, will not be able to advertise.
The owner of the largest search engine also said that it will not allow ads about the Initial Coin Offerings (ICOs), Decentralized Finance (DeFi) trading protocols and more. It will also not allow ads that will promote the purchase, sale, or trade of cryptocurrencies and related products.
DeFi protocols have been big amongst the Indian crypto community, with Polygon being one of the big recent successes.
