By
Temitope Olatunji
April 26th, 2024
Google noted that all prior crypto-related certifications have been revoked and companies need to reapply afresh.
Google LLC (NASDAQ: GOOGL) a search engine and online ad company, has updated its financial product and services policies, including those related to crypto. According to the update, Google will now accept the advertisement of cryptocurrency-related businesses and services. As a result, you can expect to see Bitcoin-related advertisements on the Google search engines onwards.
“Beginning August 3, advertisers offering Cryptocurrency Exchanges and Wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google,” the company explained.
Google and Crypto Industry
However, the company clarified that for crypto-related businesses to be certified for advertising, there are rules to be followed. One, the cryptocurrency business or services will need to be registered with the Financial Crimes Enforcement Network alias FinCEN. Specifically, Google said that crypto-related businesses will have to be registered with FinCEN as Money Services Business and with at least one state as a money transmitter.
Secondly, the company noted that businesses that want to advertise crypto-related products will have to be registered with a federal or state-chartered bank entity.
Additionally, Google noted that for cryptocurrency-related businesses to advertise their services, they will have to comply with relevant legal requirements. More so those pertaining to local government, state, or federal level.
Finally, advertisers will have to ensure that their ads and landing pages comply with all set policies by the company.
As a result, Google noted that all prior crypto-related certifications have been revoked and companies need to reapply afresh.
“All prior Cryptocurrency Exchange certifications will be revoked on August 3, 2021. Advertisers must request new Cryptocurrency Exchanges and Wallets certification with Google when the application form is published on July 8, 2021,” the company explained.
The company, however, noted that ICOs and DeFi trading products are not allowed in accordance with the new ad policy. Google further noted that ‘ad destinations that aggregate or compare issuers of cryptocurrencies or related products are not allowed whatsoever.
Key Notes
The move by Google to re-accept crypto advertising is a notable boost towards global adoption. Furthermore, the company has generated 30% of global digital advertising revenue in recent years.
As a notable institutional investor, Google accepting Bitcoin and other crypto-related advertisements is a positive trend towards regulatory compliance, particularly in the United States.
The ban on Bitcoin and crypto-related services was put by the company back in early 2018. Since then, the largest search engine has not accepted Bitcoin-related advertisements.
From a different perspective, the company is set to generate more revenue from its advertisements segment. Consequently, GOOGL shares can expect to receive a notable boost in the coming quarters from crypto-related advertisements.