Starting October 2018, regulated cryptocurrency exchanges within the United States and Japan will have the ability to advertise through Google, according to a policy update posted by the company.
The post provides two instructions for advertisers leading up to the policy going into full effect:
1) Advertisers will need to be certified with Google for the specific country in which their ads will serve.
2) Advertisers will be able to apply for certification once the policy launches in October.
The initial ban came as an effort to protect users from being exposed to advertisements that could negatively impact them. With the explosion of cryptocurrencies and other blockchain based technologies, there also came a flood of bad actors who wanted to maximize their ability to profit by effective advertising techniques. The seemingly innumerable amount of ICOs, wallets, trading services, cloud mining, or even cryptocurrency exchanges that were vying for advertisement spots created an insurmountable task for the company in terms of proper vetting and due diligence.
CNBC quoted Google’s Scott Spencer at the time of the original sweeping ban as saying, “We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”
With many forms of advertisement still banned, some might argue an unfair advantage for the select few cryptocurrency related companies that can advertise. It is, nonetheless, a start.