A new change issued by Google states that as of October 2018, Google will officially end their ban on cryptocurrency advertising. In March, Google announced a number of restrictions surrounding crypto advertising.
The intent of the restrictions was to protect consumers from crypto-related fraud or scams. Google was not alone in this endeavor as Facebook, Twitter, and Snapchat has also tightened up regulations surrounding cryptocurrency advertising. Though Facebook has since released more lenient policies and it appears Google is ready to follow suit.
Cryptocurrency Advertising on Google
The end of Google’s ban is significant. Though, the advertisements that have been deemed permissible are still fairly restricted. Namely, Google will now allow reputable crypto exchanges to purchase advertising. All exchanges wishing to purchase ads from Google will need to be certified by Google in the specific country where their ads will run.
The only two countries approved for the ads and The United States and Japan. Though, advertisers from all over the world are welcome to apply to run their ads in either of the two approved locations. Other crypto-related content such as the advertising of ICOs (Initial Coin Offerings), crypto wallets, and crypto news and advice is still banned from the platform.
Google Plans to Proceed With Caution
Though Google is seemingly ready to acknowledge the validity of some businesses in the crypto sphere, they still plan to proceed with caution. First and foremost, the safety and security of their patrons are central to all of their decision making. In this case, we predict their strides into the acceptance of crypto advertising will continue to be small and careful.
Unexplored Advertising Avenues
With this said, Google’s main source of income is advertising. In fact, their parent company, Alphabet, earns roughly 86% of their total revenue through ads. As cryptocurrency generates notoriety and more individuals and businesses begin to adopt it, it seems ill-advised to ignore the advertising (and earning) potential for hard-hitting advertisers such as Google. Even if Google just took a jab at crypto in their latest pixel 3 ad.
New products and startups founded upon crypto and blockchain are constantly emerging and could likely benefit from advertising. As such, Google and other advertising giants could generate significant income as the young businesses seek advertising opportunities.
With this said, we recognize the mysterious nature that the crypto world still possesses. Therefore, Google’s application/certification process for new advertisers is most definitely necessary.