Google is set to update its advertising policy to permit the promotion of U.S.-based cryptocurrency trusts starting from January. This revision coincides with the anticipated approval of spot Bitcoin exchange-traded funds (ETFs) in the United States during the same month.
The tech giant announced the modification in a policy change log dated December 6. According to the update, Google’s ad policy related to cryptocurrencies and associated products will be adjusted on January 29, 2024, allowing advertisements from “advertisers offering Cryptocurrency Coin Trust targeting the United States.”
The term “Cryptocurrency Coin Trusts” refers to financial products enabling investors to trade shares in trusts holding substantial amounts of digital currency, potentially including ETFs.
Google’s Global Ad Compliance Mandate For Cryptocurrency Trust Advertisers
Google emphasized the need for advertisers to comply with local laws in the targeted areas and specified that the policy would apply globally to all accounts advertising these products. To qualify for advertising, potential crypto trust advertisers must be Google-certified, holding the necessary license from the relevant local authority, and ensuring that their products, landing pages, and ads meet all local legal requirements.
While Google already permits advertising for certain crypto and related products, it maintains exclusions for ads related to crypto or non-fungible token (NFT)-based gambling platforms, initial coin offerings, decentralized finance protocols, and services offering trading signals.
This policy amendment aligns with the prevailing optimism in the crypto space, particularly in anticipation of the approval of U.S. spot Bitcoin ETFs. Bloomberg’s ETF analysts have assigned a 90% likelihood of approval by January 10, 2024, with the potential for multiple pending applications to receive approval simultaneously.
Currently, there are 13 Bitcoin ETF applicants, and details about their approval processes remain limited. Various fund managers, including BlackRock, Grayscale, and Fidelity, have reportedly engaged with the U.S. Securities and Exchange Commission to discuss essential technical details regarding their ETF bids.
The crypto industry is actively anticipating these approvals, evident in Bitcoin’s nearly 74% surge in the past 90 days. Some analysts even predict a new all-time high for Bitcoin in 2024.