Cryptocurrency has become a huge force in the global market. Both individuals and companies have gotten involved in the trade all over the world, and even though cryptocurrency has a tendency to be volatile, a change by Google might just bring in more traders.
Beginning this August, Google will allow companies that offer cryptocurrency wallets to run ads, bringing in more companies and individuals into the crypto world.
People who normally wouldn’t interact with cryptocurrency will now have a greater chance to see ads related to wallets. Many in the cryptocurrency world think that this removal of restrictions will provide the entire exchange with new life, since people all over the world will be able to view ads.
Prior to this shift, Google wasn’t the only company that had banned cryptocurrency ads. In fact, other companies like Facebook also banned these ads in 2018. After three years, Google has begun to change its stance.
If you’re looking forward to getting your ads up, you should thank the Financial Crimes Enforcement Network (FinCEN), which has requirements and regulations that Google is currently abiding by with this change. According to a Google spokesperson, this is the reason they’re making the change to allow looser restrictions.
Starting August 3rd then, you may start seeing ads for cryptocurrency wallets on Google’s search engine, YouTube, and in other areas. That being said, Google has made it clear that these new rules about ads will only go into effect for wallets in the United States.
All ads, regardless of location, must be registered with FinCEN and any other federal or state-chartered banks, and must be certified.
Every company offering cryptocurrency needs to remember that all previous exchange certifications will be revoked beginning on August 3rd. Even if you’re not spending a lot of time thinking about ads, you still need to make sure that your company’s wallets are in line with certain rules and regulations.
This includes the fact that advertisers must now request new cryptocurrency exchanges and wallets certification with Google. According to Google’s blog, the application form will be published for everyone to access, beginning on July 8th.
When you fill out this form, it might feel like an extra step, but companies should know that having FinCEN’s regulations will provide a hugely positive boost to the cryptocurrency platform. It will make the entire trade feel more credible, in contrast to previous times when the volatility had a tendency to scare people away.
Do know, however, that there will still be a ban in effect on certain ads. You’ll still notice a ban on initial coin offerings (ICOs), and any other services that do comparisons of cryptocurrencies. Those who have companies in India will also not notice much of a change, although certain Indian companies will be able to begin using Google ads. Any community making apps and crypto assets will not be able to run ads though. This includes companies that use decentralized finance (DeFi) trading protocols.
Any ads that promote the purchase, sale, or trade of any cryptocurrencies and related products are also not allowed.
As long as you comply with these regulations, your company will be able to have a wider reach. Just remember to fill out the certification form with Google beginning on July 8th, and take some time to check Google’s blog posts so that you’re up to date on this new move to allow ads for cryptocurrencies.