Google finally gets rid of their almost 3-year restriction policy on crypto exchange & wallet related advertisements.
According to their new advertising policies, the changes will take effect on August 2021.
“Beginning August 3, advertisers offering cryptocurrency exchanges and Wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google,” the search giant stated in their recent blog post.
On July 8, Google will be publishing an application form & advertisers must request a new “Cryptocurrency Exchanges and Wallets Certification” because prior certifications will be revoked on August 3, 2021.
However, advertisements for initial coin offerings (ICOs), decentralized finance (DeFi) trading protocols, & promotions of purchase, sale, & trading signals for crypto-related products & services are still prohibited.
The roller coaster dilemma of uplifting & restricting advertisements of crypto-related services & products is not new in this space.
Back in 2018, Internet giants like Facebook, Twitter, and & Google imposed broad restrictions for advertisements associated with initial coin offerings (ICOs) because as they stated, ICOs are “often associated with deception & fraud.”
Mid 2018, Facebook & Google undo its restriction by allowing some types of crypto-related ads on their platform.
Google allows regulated crypto exchanges to buy ads in the United States & Japan while on the other hand, Facebook allows interested advertisers to fill-out an application form that includes information on their licensing measures & if their coin is publicly traded, so Facebook can ascertain their eligibility.
As crypto or virtual currencies are gaining more & more interest, it is also used by some individuals especially the wealthy ones to avoid their tax responsibilities.
United States president Joe Biden is calling for a crackdown on rich taxpayers who hide their real income from the United States Internal Revenue Service (IRS). According to the report, “Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion.”
In the Philippines, the Bangko Sentral ng Pilipinas is expecting cryptocurrency transactions to continue to increase this year after increasing five-fold in 2020 mainly because of the surge in the crypto prices and broadening regulations as part of the “coinless society” vision of BSP Governor Benjamin Diokno by 2025.
This article is published on BitPinas: Google Finally Allows Crypto Ads Again