Google has backtracked on its blanket ban on cryptocurrency-related advertising, announcing it will now accept ads from pre-approved regulated venues in certain circumstances, effective October 2018.
Earlier this year, the search-giant took a far less cryptocurrency-friendly approach, when it announced a ban on ads promoting cryptocurrencies and ICOs on its own platforms and third-party websites. The move came after a similar announcement by social media giant Facebook in January, followed by Twitter in March.
Now, Google says it has updated its policy on financial products and services to set up a vetting process that allows the promotion of some crypto products.
Advertisers wanting to run ads for cryptocurrency products and services must submit an application to help assess their eligibility — including any licenses they have obtained, and other relevant public background information on their business.
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“Advertisers will need to be certified with Google for the specific country in which their ads will serve. Advertisers will be able to apply for certification once the policy launches in October. This policy will apply globally to all accounts that advertise these financial products,” the statement further states.
The move isn’t a surprise after Google allowed displaying the advertisements of Coinbase, two days after adverts for the popular US crypto exchange re-appeared on Facebook. Also, at the time of the original ban, the company stated that it would be revisiting its plans. And with crypto markets less volatile than they were at the time of the ban, the company may see less of a need for a sweeping ban.
It remains to be seen how the rest of the industry reacts after Facebook and Google eased their restriction on the crypto assets. When the two giants announced their ban on cryptocurrency ads earlier this years, other internet heavyweights, including Twitter, followed suit shortly after.
Despite the previous ban, Google has been the second most active corporate blockchain investor since 2012, with involvement in six companies focused on the blockchain technology, according to a report by tech researcher CB Insights.