Google will now allow crypto wallets to advertise on its network in the US

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Google will now allow crypto wallets to advertise on its network in the US
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Google announced a slight change to its stance on cryptocurrencies yesterday. The company will now allow crypto companies to run ads on its network in the US, starting from August. This is a big change for the crypto community, giving companies a big way to reach new users. The search giant had famously banned all crypto ads back in 2018, an overarching ruling that essentially affected all crypto companies.

The rules were later revised to allow crypto exchanges, but the company still left wallets out of its ad network. Starting this August, the company will allow wallets to run ads on Search, YouTube, and other corners of the Internet where Google’s ad network can reach.

The company said the new rules are “in order to better match existing FinCEN regulations and requirements,” and companies will have to go through a certification process. FinCEN is the US Financial Crimes Enforcement Network.

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At the moment, Google seems to be allowing “wallets targeting the United States” to advertise, though the company said the policy will apply globally.

What Google’s new ad policy means for crypto companies?

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Under the new rules, crypto wallets will have to be registered with FinCEN or a federal or state-chartered bank entity to get on Google’s ad network. They will also need to “comply with relevant legal requirements, including local legal requirements, whether at a state or federal level”. Of course, all existing Google ad policies apply to crypto companies as well.

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Importantly, the company noted that crypto companies will have to re-register with their network. “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,” Google said in a blog post.

Some ads are still banned…

That said, ads for Initial Coin Offerings (ICOs) remain banned on Google Ads. In addition, Decentralised Finance (DeFi) trading protocols, and ads that are “otherwise promoting” the sale, purchase, or trade of cryptocurrencies or related products are also banned.

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Companies can’t advertise for cryptocurrency loans, token liquidity pools, celebrity cryptocurrency endorsements, unhoster wallets and unregulated decentralised apps (DApps), either.

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