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Google will update policy to allow crypto wallets to advertise on its network

The new policy will come into effect on August 3.

June 03, 2021 / 01:40 PM IST
Image: Needpix

Image: Needpix

Google recently announced a slight modification to its advertising policy in regard to cryptocurrency. Beginning August 3, Google will begin accepting advertisements of cryptocurrency exchanges and digital wallets targeting consumers in the US on its platform.

A blog post by the search giant says the new rules apply only to wallets in the US, although they will apply to advertisements globally. The tech giant said it will update its financial products and services policy in August. To take advantage of Google’s new policy, crypto wallets will have to be registered with the FinCEN and federal or state-chartered banks.

The post noted; “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.”

However, ads for Initial Coin Offerings (ICOs) will continue to remain banned on Google Ads. Additionally, DeFi trading protocols or ads that are otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products will also be banned.

Companies also won’t be able to advertise for cryptocurrency loans, token liquidity pools, celebrity cryptocurrency endorsements, unhoster wallets, and unregulated decentralised apps (DApps). All advertisers will also have to comply with local laws for any area that their ads target.
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Moneycontrol News
first published: Jun 3, 2021 01:40 pm