Google Latest Update Maintains Restrictions on Cryptocurrency Ads Linked to Gambling
According to Google’s most recent updates, cryptocurrency-related advertisements are permissible, but with a significant caveat: they must not promote any form of gambling. These policy changes will go into effect on September 15.
Under this new policy, advertisements promoting games that involve wagering or the use of NFTs (Non-Fungible Tokens) against other players or for rewards will remain banned. Likewise, any staking activities and NFT casino games that offer players the chance to compete for real-world prizes, including cash or cryptocurrency, will continue to be prohibited.
Prior to running any advertisement, it is imperative to obtain Google certification and ensure compliance with their gambling and games policies. Scott Spencer, the Director of Sustainable Ads, emphasized that the company has witnessed instances of consumer harm or the potential for harm, leading them to exercise utmost caution when it comes to cryptocurrency-related advertisements.
Google Advertising Policy Evolution
Back in 2018, Google introduced stringent regulations as part of its Financial Service Policy, initially imposing a blanket ban on cryptocurrency-related advertising and crypto exchanges. At the time, it remained uncertain whether this ban was intended to be permanent or temporary.
Fast forward to 2021, Google exhibited a degree of flexibility, allowing select companies involved in crypto exchange and wallet creation to advertise. The caveat was that these companies had to be registered with the United States Financial Crimes Enforcement Network, either as a money service business or a federally or state-chartered bank entity.
Now, Google is expanding its flexibility further with a forthcoming update to its ad policy, set to take effect shortly. This update will permit the promotion of non-fungible token (NFT) games, excluding those with gambling-related content.
Google recognizes the growing influence of blockchain gaming and the popularity of NFT-based games. NFT games are sought after due to their authenticity and enhanced ownership features. This recent policy change by Google is poised to bolster support for NFTs.
Moreover, Google has introduced a fair suspension mechanism, wherein advertisers receive a warning with at least seven days’ notice to address any issues. If the issues are not resolved within this timeframe, the account will be suspended.
This development represents a positive step for the crypto and NFT communities, offering much-needed clarity and the ability to work efficiently with advertising. It is expected to foster a safer environment for NFT-based gaming.
Additionally, Google will allow advertisements for hardware wallets designed to secure the private keys of cryptocurrencies, NFTs, and other crypto assets. However, other services such as buying, selling, exchanging, or trading assets will not be promoted.
Summary
Google’s updated ad policy is set to stimulate further growth in the NFT gaming sector by allowing more participants to join the industry. Effective advertising plays a pivotal role in drawing new players to the gaming arena, with a firm stance against any betting or gambling-related content.
