Google Inc. posted a notice Wednesday regarding its new crypto ad policy. “This policy will apply globally to all accounts that advertise these financial products,” the Internet giant wrote.
Effective August 3rd, crypto exchanges and wallets targeting U.S. consumers “may advertise those products and services when they meet the following requirements and are certified by Google”, according to the published statement. The adjustment is part of Google’s broader Financial products and services policy.
The aforementioned requirements in the initial report include registration with both “FinCEN as a Money Services Business and with at least one state as a money transmitter” or “a federal or state chartered bank entity”. Previous Cryptocurrency Exchange certificates that were issued will be revoked, and crypto wallet and exchange firms must request new certificates as early as July, once applications are made available.
Additionally, advertisers will still need to comply with any relevant local, state, and federal legal requirements, and comply with broader Google Ads policies.
“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”
Meanwhile, Google clarified that some ads are not allowed. They include “Ads for initial coin offerings [ICO], Defi trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products.” In addition, “Ad destinations that aggregate or compare issuers of cryptocurrencies or related products” are also prohibited.
“ICO pre-sales or public offerings, cryptocurrency loans, initial DEX offerings, token liquidity pools, celebrity cryptocurrency endorsements, unhosted wallets, unregulated Dapps, cryptocurrency trading signals, cryptocurrency investment advice, aggregators or affiliate sites containing related content or broker reviews” are some examples of the ads that are not allowed.
Google’s current financial products and services policy states: “We consider financial products and services to be those related to the management or investment of money and cryptocurrencies, including personalized advice.” Crypto ads are currently allowed in the U.S. and Japan.
Source: Bitcoinist, News BTC, Bitcoin.com