In a new policy which has started in October, tech giant Google has said it will end its sweeping ban on cryptocurrency-related adverts. These plans were unveiled in September when Google announced that regulated exchanges in Japan and the US will be able to buy advertising space on the platform.
The original restrictions announced in March and then rolled out in June were designed to protect customers from controversy and fears around ICOs, trading advice, and wallets – services that are still not allowed to be advertised.
Clamp down on advertising
Whilst the cryptocurrency boom has been a success for many, it has also resulted in fraud, regulatory struggles, and a number of high-profile scams. Throughout 2018, Google, Facebook, Twitter and Snapchat have all taken steps to clamp down on crypto advertising in the hope that such moves will deter bad actors, despite their actions coming under criticism for inhibiting growth within the sector.
“We don’t have a crystal ball to know where the future is going with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution,” Google’s Scott Spencer told CNBC at the time of its original ban.
New rules apply in the US and Japan
Google’s new policy applies to those wishing to advertise, regardless of where they are from, but the adverts will only run in the US and Japan. Any party that is interested in placing an advert must apply for certification in each country respectively. This news from Google follows the progress from Facebook who moved to allow pre-approved crypto advertisers back in June.
Google and its parent company, Alphabet gets approximately 86% of its total revenue through advertising with the company booking over $54 billion in advertising revenue in the first half of 2018.
It is hoped that this latest news may both spark similar policies from other platforms, as well as boost the sector at a time when it needs it most.