By Shelly Melancon (Switzerland)
In a new development, Google has released a statement to the effect that its initial regulation proscrobing ads related to cryptocurrency is no longer extant. The new regulation will take effect in August 2021.
However, this new regulation will only take effect subject to the fulfilment of some conditions which Google outlined as follows;
Exchanges and wallets who desire to display their crypto-based ads would have to be recognised by the Financial Crimes Enforcement Network (FinCEN). This update was released this month and will become operable on the 3rd of August, 2021.
Google attaches stringent conditions to its new regulation on crypto ads.
Users in the US who will be the target of exchanges and wallets are being considered in Google’s new regulation. This is to protect them against any form of crypto-related scams. Hence, the stringent conditions.
Cryptocurrency exchanges and wallets can only launch their ads campaign on Google if they are recognised by FinCEN or a Federal or State-sponsored bank entity, adherence to government regulations and satisfying the terms stated in Google ads regulations.
In addition, certifications initially issued to exchanges and wallets will become void by August 3rd and an application form for new approvals will be provided on the 8th of July.
In Google’s new crypto ads regulation, the ads campaign will exclude ads that market cryptocurrency pre-sales, DEX protocols, ICOs, including ads that promote the purchase or trade of crypto coins and tokens. Crypto ads bearing IDOs ( Initial Decentralized Exchange offering, celebrity-endorsed cryptos, pool mining, lending on crypto coins and tokens, and as well unregulated Decentralized applications (DApps) are part of outlawed in Google’s regulation.
Google is also exempting ads comparing companies issuing cryptocurrency, giving financial advice or trading signals on crypto, affiliate platforms that consist of reviews.
Google U-turn on crypto ads is against the backdrop of its initial proscription of crypto-related ads to the consternation of crypto enthusiasts and observers after the influx of folks into the crypto market, which was prompted by the bullish ride of 2017. Facebook had initially proscribed crypto-based ads, too. Fortunately, Facebook has also reversed its harsh regulation on crypto-related ads.
Will Google’s new regulation impact the crypto market by any means?
The initial ban enraged cryptocurrency enthusiasts as both Google and Facebook have been previously used by fraudsters to market crypto scams.
Google’s new regulation is quite a bullish event that may cause an uptrend in the crypto market. Google’s move aligns with the recent decisions of big-time companies like Tesla, JPMorgan Chase, MicroStrategy to invest in cryptocurrency.
This may very well spell a move towards the major adoption of the cryptocurrency and blockchain industry by other big-time companies who have remained sceptical of both industries.
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