Google Revises Policy to Allow Crypto Trust Ads Amid Anticipated US Bitcoin ETF Approvals
Summary:
Google is set to revise its advertising policy concerning cryptocurrency, permitting crypto trust ads from the end of January 2024. This coincides with the anticipated approval of Bitcoin spot exchange-traded-funds in the United States. Crypto trust advertisers must obtain Google certification, ensuring compliance with local laws and legal specifications. The policy update comes amid predictions of a 90% likelihood of US Bitcoin ETF approvals by January 10, 2024.
The technology behemoth Google has revised its policy concerning advertisements related to cryptocurrency, permitting ads for crypto trusts from the closing of January. This change coincides with the anticipated approval of Bitcoin spot exchange-traded-funds in the United States for the same period. Google announced the adjustment to its advertising policy for crypto-related products on December 6, specifying the update will be effective from January 29, 2024, enabling ads from entities offering Cryptocurrency Coin Trust that are targeting the US market. Such trusts are defined as financial instruments enabling investors to participate in the trading of shares within trusts that possess significant digital currency reserves, with the possibility to encompass ETFs. Google reiterated that advertisers must adhere to the laws applicable in their target ad market. This policy will be valid globally for all entities advertising these products. Prospective crypto trust advertisers are required to acquire Google certification to display ads which necessitates possessing requisite licensing from the respective local authority. They also need to ensure their products, landing pages, and ads align with the local legal specifications of the area they wish to acquire certification for. Even though Google currently allows certain crypto related advertisements, it abstains from permitting ads for crypto or nonfungible token (NFT)-based betting platforms, initial coin offerings, decentralized financial procedure and trading signals provision services. The policy alteration takes place amidst predictions by Bloomberg’s ETF analysts foreseeing a 90% probability of a US BTC spot ETF approval by January 10, 2024, with a strong chance for simultaneous approval of multiple outstanding applications. Disclosed data relating to the approval procedure for the 13 Bitcoin ETF applicants is minimal. Numerous fund managers such as BlackRock, Grayscale, and Fidelity conducted discussions with the Securities and Exchange Commission, reportedly to decipher key technical aspects related to their ETF bids. The crypto domain expects approvals, with Bitcoin observing a nearly 74% surge in the preceding 90 days. Some experts anticipate a new peak by next year.
Published At
12/11/2023 8:36:49 AM
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