Google’s policies of services and financial products have been renewed which also provides for a policy towards crypto adverts. The implementation of the new standards is going to take place in August 2021. But prior to its launch, every single crypto advert placed by digital wallet service providers and crypto exchanges on Google will be canceled and fresh certifications will be required.
On 2nd June 2021, a public notice has been published by Google Inc. concerning all customers of Google. In this notice, Google has announced publicly that it has renewed its policies and standards for services and financial products. In simple words, the policy of ad posting at Google has been overhauled completely at the global level. The changed policies included a policy concerning the advertisements relating to cryptocurrencies.
It has been informed specifically by Google that the changed crypto policy and standards will be made applicable upon all accounts. This means that accounts such as crypto trading platforms and digital wallet providers will be subject to the policy.
Google told further that policy change will take effect in the month of August 2021.
According to the notice, certain requirements have been introduced by Google which will have to be fulfilled by any business promoting crypto products. From 3rd August 2021, crypto exchanges, as well as digital wallet providers, will need to obtain fresh certificates from Google. The earlier certification will expire automatically on 2nd August 2021.
In the notice, Google also laid down the criteria for obtaining licenses by crypto businesses. As per the criteria, every crypto business that is interested in posting adverts on Google would need to first ensure registration. The registration will be done with the Financial Crimes Enforcement Network under the definition of “Money Services Business”. In addition, the business will need to be registered with either of the state-level regulators under the “money transmitter” definition. In the alternative, only those advertisers’ ads will be posted which are banking or federally chartered and administered entities.
In addition, Google has clarified that every advertiser will need to fulfill the criteria and no compensation will be granted. Also ensuring compliance with federal, state, and other applicable laws have been mandated upon the crypto advertisers. Similarly, it has to be considered by advertisers that the landing pages and advertisements of the advertisers should also meet Google standards.
Google also clarified that all prior licenses and certifications will be canceled before 3rd August 2021. Fresh requests for obtaining new certifications would need to be submitted directly to Google accompanied by duly filled-in applications. The deadline for submission of such applications has been set up as 8th July 2021.
Google also told that from now on no advertisements relating to any Initial Coin Offering (ICOs) and DeFi schemes will be allowed. Also, no advertisers will be allowed to post ads encouraging sales and purchases + promotions of cryptocurrencies.