Google (NASDAQ: GOOGL) will allow companies offering “cryptocurrency coin trusts” to publish their advertisements on its platforms starting in January 2024, the American tech giant has revealed.
In a recent update, Google disclosed it will update its “crypto and related products” policy to clarify its new scope for ads on digital asset trusts.
“Beginning January 29th, 2024, advertisers offering Cryptocurrency Coin Trust targeting the United States may advertise those products and services,” the company stated.
Google describes “cryptocurrency coin trusts” as financial products that give investors a platform to trade shares in trusts that hold large pools of a digital currency, although this is not exhaustive. The company will consider other variations, possibly including exchange-traded funds (ETFs).
The policy change will coincide with anticipated approvals for a spot BTC and Ether ETF. After rejecting dozens of applications, market and legal experts expect the Securities and Exchange Commission (SEC) to finally give its nod to spot ETF applications for BTC from the likes of Grayscale and $8.5 trillion asset manager BlackRock. According to sources, the SEC’s meetings with the two companies and other applicants have shot up in recent weeks. The agency’s decision on an Ether ETF is expected on January 25.
With the ETFs expected to unlock institutional investment for the sector, Google is seeking to capitalize. The company dominates the digital advertising space with a 40% market share, twice that of second-placed Meta (NASDAQ: META). In 2022, it generated $224 billion from ads.
To advertise on Google, ETF firms must comply with all the applicable local laws of their target markets. Any violations will lead to a warning and an account suspension thereafter.
After its blanket ban on all digital asset-related ads in 2018, the search engine giant has been easing the ban and readmitting specific aspects of the sector. In September, the company announced that it would allow NFT gaming ads.
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