Tech behemoth Google has announced a significant update to its advertising policy regarding cryptocurrency, signaling a more open approach to the burgeoning digital currency sector. Starting January 29, 2024, the company will permit advertisements related to cryptocurrency coin trusts in the United States.
This policy update, outlined in Google's December 6 policy change log, represents a notable shift in the tech giant's stance towards the crypto industry. Cryptocurrency coin trusts, including exchange-traded funds (ETFs), are financial products that allow investors to trade shares in trusts holding substantial amounts of digital currency.
Google's policy update coincides with the anticipated approval of spot Bitcoin ETFs in the United States by the end of January 2024. This alignment suggests an increasing recognition of the legitimacy and growing interest in cryptocurrency investments.
Requirements for Advertisers and the Anticipated ETF Approvals
To qualify for advertising under the new policy, crypto trust advertisers must obtain certification from Google. This process involves possessing the appropriate licenses from relevant local authorities and ensuring that their products, landing pages, and advertisements comply with all legal requirements in the targeted country or region.
Google emphasizes the importance of adherence to local laws, applying this policy globally to all accounts that advertise these products. The timing of Google's policy change is significant, as Bloomberg’s ETF analysts have estimated a 90% probability of a U.S.
spot Bitcoin ETF approval by January 10, 2024. The market anticipates that multiple pending applications could receive approval simultaneously. Among the 13 Bitcoin ETF applicants, heavyweights such as BlackRock, Grayscale, and Fidelity have reportedly engaged with the U.S.
Securities and Exchange Commission to discuss their ETF proposals. The cryptocurrency market has responded positively to these developments. Bitcoin has seen an impressive 74% increase in value over the past 90 days, with some analysts predicting a new all-time high in 2024.
The potential approval of Bitcoin ETFs and Google's updated advertising policy reflect a growing acceptance and integration of cryptocurrencies into mainstream financial markets.