O Googling has announced a major update for the cryptocurrency market, stating that it will once again allow advertising for companies in the sector from January 2024.
The change, which will come into effect from January 29 next year, will allow cryptocurrency companies to advertise their products and services. as long as they meet certain requirements and are certified by Google.
The search giant and Facebook banned all advertising related to Bitcoin and other cryptocurrencies in 2018, arguing that the move was intended to protect investors from potentially misleading or fraudulent practices.
Google stated at the time that the volatile and unregulated nature of cryptocurrencies raised major concerns about the safety of investments and the legitimacy of offerings.
Many cryptocurrencies and related products were new and unknown to the general public. This has created a fertile ground for scammers to take advantage of consumers’ lack of knowledge, resulting in a growing number of scams and shady investment schemes.
Certified cryptocurrency companies can advertise on Google
When Google banned cryptocurrency advertising, companies and startups in the market saw a significant reduction in their marketing and advertising capabilities, resulting in a drop in new customers.
This was especially challenging for new businesses that relied on digital advertising to reach potential customers and investors.
Without the ability to advertise on Google, one of the largest advertising platforms in the world, many of these companies have had to look for less efficient or more expensive alternatives to promote their products and services.
Google’s decision to ban such ads was in line with policies of other major platforms and financial regulators, which also took steps to control advertising of digital financial products and cryptocurrencies.
The intention was to create a more secure and reliable digital environment, in which consumers could navigate with less risk of being exposed to financial fraud.
Over time, as the cryptocurrency market began to mature and regulations became clearer, Google and other platforms began to review and adjust their policies.
In September this year, Google changed its advertising policy and began allowing ads for blockchain games and NFTs, allowing certain types of ads related to cryptocurrencies, but with specific guidelines and requirements to ensure the ads are legitimate and safe for consumers.
The market can grow with Google’s change
In the new announcement, Google said it will now allow ads for cryptocurrencies and related products, emphasizing the importance of advertisers adhering to local laws for all areas targeted by their ads.
The policy applies globally to all accounts promoting such products.
According to the announcement, cryptocurrency brokers and cryptocurrency wallets can advertise on Google as long as they are certified.
“When promoting cryptocurrencies and related products, you must be certified by Google and comply with national and local regulations for each region or country your ads are targeted.” – The ad says.
In addition, Google has clarified that policy violations will not result in immediate account suspension without prior notice. Notification will be sent at least 7 days prior to an account suspension.
The update marks a significant step forward in regulating cryptocurrency advertising, reflecting the growing integration of cryptocurrencies into the financial mainstream and the need for clear and consistent regulation in the digital advertising space.
With companies now able to advertise their products on the world’s largest advertising network, the market is expected to grow again, translating into a possible new upward cycle.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
