Tech giant Google has revised its policy on cryptocurrency-related advertising to allow ads about cryptocurrency trusts from late January, when the Bitcoin exchange-traded fund (ETF) is expected to be approved. Us.
The amendments focus on coin trusts for cryptocurrencies, financial instruments that allow investors to trade in trusts that hold significant pools of cryptocurrencies. Simply put, these trusts provide investors with assets in cryptocurrencies without actually holding the cryptocurrencies.
Google’s Cryptocurrency Advertising Guidelines: Global Impact
The updated guidance applies to all accounts promoting cryptocurrency coin trusts outside the United States and globally.
The goal of these amendments, effective January 29, 2024, is to provide customers with access to more reliable information and protect them from all risks associated with cryptocurrency investments.
Google’s full change log in relation to permitting crypto trust ads. Source: Google
Marketers looking to reach U.S. consumers can promote these products and services by following the guidelines specified in the revised specification and becoming Google Certified.
As of this writing, certain digital asset products are still subject to advertising. Google now bans advertising for DeFi protocols, NFT-based gaming platforms, ICOs, and companies offering trading recommendations.
There is a 90% chance that a spot Bitcoin ETF will be approved in the U.S. by January 10, 2024, according to Bloomberg ETF analysts. The SEC may approve multiple pending applications simultaneously.
As of today, the market cap of cryptocurrencies stood at $1.54 trillion. Chart: TradingView.com
Approval is a bet on the cryptocurrency space. With Bitcoin rising about 74% over the past 90 days, some analysts predict that Bitcoin will hit a new all-time high in 2024.
Google’s Evolution: A Changing Approach to Cryptocurrency Advertising
In 2018, Google took the drastic step of banning all marketing related to cryptocurrency. Scott Spencer, Google’s director of sustainable advertising, emphasized that the company was approaching cryptocurrencies “very cautiously” at the time.
After initially taking a hardline stance, Google decided to relax its regulations in 2019, effectively making it accessible to regulated cryptocurrency sites.
This calculated move marked a subtle shift in Google’s advertising strategy, acknowledging the development and legal compliance of specific Bitcoin companies while keeping an eye on the larger cryptocurrency scene.
Google’s change to its cryptocurrency advertising policy coincides with a rise in fraudulent cryptocurrency advertising campaigns. According to a recent Lloyds Bank survey, 66% of cryptocurrency investment scams come from social media advertisements and are increasingly targeting individuals aged between 25 and 34.
At the time of this writing, the value of the global cryptocurrency market was close to $1.6 trillion, an increase of 1.0% from the previous day.
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