The potential of regulation in cryptocurrency ecosystems throughout the globe is prompting digital behemoths to rethink their restrictions on crypto-related advertising.
This week, Alphabet Inc. subsidiary Google (GOOGL) partly removed its restriction on cryptocurrency marketing on its platforms. In a blog post announcing a modification to its advertising policy, the business claimed that beginning in October, it will allow licensed cryptocurrency exchanges to advertise on its platform in Japan and the United States. “Advertisers will need to be Google-certified for the country in which their advertisements will run. When the regulation goes into effect in October, advertisers will be able to apply for certification “According to the firm.
The Mountain View, California-based corporation imposed the prohibition in March in order to reduce “unregulated or speculative financial products.” “As consumer habits develop, and our techniques for protecting the open web improve, so do online frauds,” the company claimed while announcing the restriction. (Also see: Google Bans Crypto Mining Extensions.)
Google is the second tech firm to reverse its cryptocurrency ad policy. After previously prohibiting ICO advertisements, social media behemoth Facebook Inc. (FB) announced in June a screening mechanism for displaying initial coin offerings (ICOs). (See also: Facebook Lifts Ban on ICO Ads in Part).
A Movement Towards Regulation Of Cryptocurrency Exchanges
Google’s statement is consistent with recent regulatory developments in cryptocurrency.
Japan is the core of cryptocurrency trading, accounting for the greatest number of deals in cryptocurrency marketplaces. The Financial Services Commission (FSC) of the nation has begun aggressive enforcement of cryptocurrency exchanges and has encouraged them to join a self-regulatory organization inside the country. (See also: Japan Supports Bitcoin.)
In the United States, there is also a rising push to regulate cryptocurrencies. Coinbase, the biggest bitcoin exchange in North America, has filed to the SEC to become a licensed brokerage. The regulator has already clamped down on suspected incidents of fraud in the cryptocurrency ecosystem and clarified the status of bitcoin and ethereum. Separately, venture capitalists, entrepreneurs, and notable crypto enthusiasts have urged the CFTC and SEC to regulate cryptocurrencies. While Google’s prior ban-related statement caused a 5% drop in the price of bitcoin that day, the company’s attitude change this time did not stop the decrease in cryptocurrency markets. (See also: Bitcoin Price Spirals to $8,000 Following Google Ban on Crypto Ads.)
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the author to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site.
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