tech giant Google has modified its policy on cryptocurrency-related advertising to allow crypto-trust-related ads starting in late January, the month in which spot bitcoin exchange-traded funds (ETFs) are expected to receive the green light in the US.
The modification focuses on coin trusts for cryptocurrencies, which are financial products that allow investors to trade trusts containing significant cryptocurrency reserves. Simply put, these trusts provide investors with capital in cryptocurrencies rather than owning any.
Google crypto Ads Guidelines – Global Impact
The updated guidelines are applicable outside the US and to any account promoting cryptocurrency coin trusts on a global scale.
The objective of these modifications, which will come into effect on January 29, 2024, is to provide clients with access to more reliable information and protect them from any risks involved in investing in cryptocurrencies.
Google’s full change log in relation to permitting crypto trust ads. Source: Google
Marketers looking to reach American consumers can support these goods and services if follow specified guidelines on the revised specifications and obtain certification from Google.
As of this writing, certain digital asset assets are still eligible for advertising. crypto-trust-ads-now-allowed-on-google-after-policy-change/” target=”_blank” rel=”noopener nofollow”>Google now bans advertisements for DeFi protocols, nft-based gaming platforms, initial coin offerings, and companies that provide trading recommendations.
By January 10, 2024, there is a 90% chance that a spot bitcoin ETF will be approved in the US, according to Bloomberg ETF analysts. It is possible that the SEC may approve many pending applications at the same time.
As of today, the market cap of cryptocurrencies stood at $1.54 trillion. Chart: TradingView.com
Approvals are the bet for the crypto space. With bitcoin up around 74% in the last ninety days, some analysts predict that it will reach a new all-time high in 2024.
The Evolution of Google: Changes in Approach to crypto Ads
In 2018, Google took a bold step by banning all cryptocurrency-related marketing. Google's director of sustainable advertising, Scott Spencer, emphasized that the corporation was approaching cryptocurrencies with “great caution” at the time.
After taking a hard line at first, Google decided to soften its ban in 2019, effectively reaching out to regulated cryptocurrency sites.
This calculated action revealed a subtle shift in Google's advertising strategies, acknowledging the development and legal compliance of certain bitcoin companies while keeping an eye on the broader cryptocurrency scene.
The change in Google's crypto advertising policy coincides with a rise in fraudulent cryptocurrency ad campaigns. According to a recent Lloyds Bank survey, 66% of cryptocurrency investment scams originate from social media ads and are increasingly targeting people aged between 25 and 34.
The value of the global cryptocurrency market at the time of writing was approaching $1.6 trillion, up 1.0% from the previous day.
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