Google has made a significant modification to its advertising policies by approving the marketing of U.S. spot cryptocurrency exchange-traded funds (ETFs) starting on January 29, 2024. This move marks a significant shift from the internet giant’s prior stance on ads about cryptocurrencies and ushers in a new chapter for the cryptocurrency market.
What Does This Mean For The Crypto Industry?
The ramifications of this policy change are already clear because big asset management firms, such as VanEck and BlackRock, quickly benefited from Google’s revised position. Google search results now feature sponsored links for select Bitcoin ETFs from these major players in the industry. The massive $2 trillion asset manager Franklin Templeton has also joined the fray, promoting its spot Bitcoin ETF via the site.
The updated policy was designed to allow for the promotion of cryptocurrency trusts and was announced in December and went into effect on January 29. These financial products give investors the ability to trade shares of trusts that have significant amounts of cryptocurrency. Given the regulatory permissions that were obtained earlier in January, the promotion of several spot Bitcoin ETFs is made possible by this definition’s broad breadth.
Interestingly, the policy’s broad definition does not name any specific cryptocurrency, which might lead to future ads for spot Ethereum ETFs or other permitted cryptocurrency assets.
Google’s Evolving Stance on Crypto Ads
Google’s position on advertisements on cryptocurrency has changed significantly. After enacting a prohibition in 2018, the business has gradually loosened regulations in the past few years. Google approved the display of adverts from a few U.S. cryptocurrency exchanges and wallets in June 2021, and in July 2022 they became global. Advertisements for non-gambling, blockchain-based NFT games were allowed by the corporation by August 2023. The current guideline permits advertisements for hardware wallets as well.
This most recent move is a major turning point as Google accepts the advertising of US spot bitcoin exchange-traded funds (ETFs), demonstrating a more accommodating stance toward cryptocurrency-related material on its network. The way that Google’s advertising regulations are changing indicates that the validity and importance of the cryptocurrency industry in the financial market are becoming more widely acknowledged.
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