Updated Google Ads Policy for Cryptocurrency

Cryptocurrencies no longer need an introduction! After all, there hasn't been a day where cryptos weren't bursting into the headlines recently. Their popularity is literally "going to the moon," and there is no ignoring them now!

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Seeing the tremendous growth of cryptos over the years, the search giant Google has recently changed its stance on digital currencies. Referring to one of our previous posts on this subject, Google is known to have a pretty strict advertising policy for cryptocurrencies. In fact, it even went as far as banning all crypto advertisements on its network back in 2018. It was a ruling that caused a tremor in the crypto industry.

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Google later amended its 2018 rules in the same year they were rolled out. The search giant allowed Crypto Exchanges to run ads on its network but didn't permit the Wallet advertisers to do the same.

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However this is going to change now!

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In a new statement, Google announced that it is all set to update its advertisement policy for digital currencies. The revised scheme has some great news for all crypto-related businesses.

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Read this piece till the end to find out the complete details of the updated Google cryptocurrency ads policy and what it means for you as a crypto advertiser!

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What Does the Updated Google Cryptocurrency Ads Policy Entail?

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Google released a statement at the beginning of June 2021 announcing that it will update its Financial products and services policy. The company will bring in new rules and requirements to allow cryptocurrency-related companies to advertise their products and services.

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According to the updated policy of Google Ads, crypto-related businesses will now be allowed to run ads for their Cryptocurrency Wallets. However, such ads will only be targeted to the US audience for now. The changes will come into full effect by August 2021. However, to be eligible for that, the advertisers are required to meet certain requirements and be certified by Google.

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As a crypto-related business, if you want to run ads for your Wallets or other products on Google, you would need to be certified by Google. For that, you will need to comply with the following requirements:

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Google requires you to be duly registered with:

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• FinCEN–the United States Financial Crimes Enforcement Network. You need to register with it as a Money Services Business along with at least one state as a money transmitter.
• A Federal or state-chartered banking organization

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Furthermore, the updated Google cryptocurrency ads policy will need you to obey all the necessary legal conditions. This includes all the relevant local legal requirements, whether they are at the State or Federal level.

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Plus, you need to ensure that all your ads and landing pages are in accordance with every Google Ads policy. Click here to read the complete policy.

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What Still Remains Restricted?

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Google, through its new and updated Google cryptocurrency ads policy, will now allow advertisers to run ads for their Crypto Wallets. However, few things still didn't get the green signal from them, and so, they remain restricted for the time being.

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Here's what is still not allowed on Google's ad network.

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• Advertisers are not permitted to run ads for initial coin offerings (ICO), DeFi trading protocols. They are not authorized to promote the purchase, sale, or trade of cryptocurrencies or their related products. This includes promotion for ICO pre-sales or public offerings, unhosted wallets, cryptocurrency loans, initial DEX offerings, celebrity cryptocurrency endorsements, etc.
  
• Further, Ad destinations that aggregate or compare two or more issuers of cryptocurrencies or their related products remain restricted as well. Examples of this are cryptocurrency investment advice, affiliate sites having crypto-related content, broker reviews, trading signals, etc.

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What Does This New Google Cryptocurrency Ads Policy Means for Your Business?

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The updated Google Ads policy is indeed a welcome step, one that will be hugely appreciated by all crypto-related companies.

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If you want to continue advertising on Google Ads, you need to request a new Cryptocurrency Exchanges and Wallets certification with Google. The application form for the same will go live on July 8, 2021. So, save the date!

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Google has further notified that all the previously issued Cryptocurrency Exchange certifications will be revoked on August 3, 2021. So make sure to fill up the new application form and reap the benefits that this new and updated Google cryptocurrency ads policy has to offer!