Google has revised its cryptocurrency-related advertising policy to potentially allow Bitcoin ETF ads starting next year. This move comes amid optimism about the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.
Coinfomania reported last week that conversations between the U.S. SEC and asset managers seeking to list Bitcoin ETFs have progressed to their advanced stage. The development increased the possibility that the regulatory body will approve some 13 Bitcoin ETF applications. According to industry analysts, there is a 90% chance that this product will be approved by January 10, 2024.
Google Permits Ads for US Crypto Trusts
The latest Google update notes that Starting January 29, 2024, Cryptocurrency Coin Trusts can be advertised to users in the United States when specific requirements and certification by Google are met.
The policy update defines Cryptocurrency Coin Trusts as “financial products that allow investors to trade shares in trusts holding large pools of digital currency.” The description evidently fits Bitcoin ETFs and other related products that may emerge in the future.
Meanwhile, although this policy is mainly addressed to advertisers in the US, it is vital to note that it will have a global application. Additionally, the company expects advertisers to adhere to the unique regulatory frameworks of their various regions.
“As a reminder, we expect all advertisers to comply with the local laws for any area that their ads target. This policy will apply globally to all accounts that advertise these products,” Google said.
With this approach, Google aims to create a uniform and secure advertising environment for users globally.
Notably, the tech giant will not immediately suspend accounts that fail to comply with the policy. Instead, warnings will be issued to those advertisers for at least seven days before any potential suspension of their accounts. The warning period aims to allow advertisers to rectify any issues and ensure compliance with the policy.
Google’s Former Stance
Google has not always been this receptive towards crypto-related advertisements. The firm implemented a comprehensive ban on all crypto-linked ads across its platforms in 2018, citing consumer harm and potential risks. However, these restrictions were eased over time, permitting certain firms to advertise, provided they are registered with the United States Financial Crime Enforcement Network (FinCEN).
As the crypto industry continues to mature, firms and regulators are taking proactive measures to ensure the overall stability and legitimacy of the market. Google’s current approach aims to ensure responsible advertising practices in the rapidly evolving and dynamic cryptocurrency landscape.
