HomeInnovationGoogle tweaks ad policy to permit crypto wallet ads

Google tweaks ad policy to permit crypto wallet ads

Google, the largest digital advertising giant will begin accepting advertisements of cryptocurrency wallets targeting U.S. consumers on its platform. The tech giant in a post said it will update its financial products and services policy in August to “clarify the scope and requirements to allow the advertisement of cryptocurrency related business and services.”

Google in 2018 banned all cryptocurrency and related product ads but soon altered the stance to permit regulated cryptocurrency exchanges in the U.S. and Japan to advertise, provided they are certified with Google.

The present announcement now includes crypto wallets targeting U.S. consumers in the permitted category. However, initial coin offerings, DeFi trading protocols, or otherwise promoting the purchase, sale, or trade of cryptocurrencies or related products are still banned.

To be able to advertise under the proposed terms, the crypto exchanges and wallets are to be certified by Google and will need to:

(i) Be duly registered with: (a) FinCEN as a Money Services Business and with at least one state as a money transmitter; or (b) a federal or state chartered bank entity.
(ii) Comply with relevant legal requirements, including any local legal requirements, whether at a state or federal level.
(iii) Ensure their ads and landing pages comply with all Google Ads policies

The post clarified that all prior cryptocurrency exchange certifications will be revoked on August 3, 2021. Applications for new cryptocurrency exchanges and wallets certification with Google will be open on July 8, 2021.

Earlier this week, Coinbase had announced partnering with Apple Pay and Google Pay to permit users of Coinbase debit cards to buy real word things using crypto.

Kumar manages the tech backend at Crypto Vakil. He intends to work at the intersection of law and technology.

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