Key Insights:
Google has made a significant update to its cryptocurrency advertising policy, allowing ads for cryptocurrency trust funds.
This move comes as analysts anticipate the launch of a Bitcoin exchange-traded fund (ETF) in January.
The updated policy will come into effect on January 29, 2024, and will apply to advertisers targeting customers in the United States.
Google clarified that crypto trusts include financial products that enable investors to trade shares in trusts holding large amounts of digital currency.
Advertisers must, however, meet specified requirements and be certified by Google, which includes compliance with local laws.
Violations of the rules will result in suspension, with a warning issued seven days before account closure.
This policy revision reflects a changing stance at Google towards crypto-related advertisements, as the company gradually eases its restrictions. In August, Google announced plans to allow ads for NFT games with certain restrictions.
The update on Crypto Trust has generated excitement in the crypto community, with optimism surrounding the potential approval of a Bitcoin ETF.
Companies such as BlackRock, Grayscale, and Fidelity have reportedly met with the U.S. Securities and Exchange Commission to amend their filings in anticipation of approval.
Experts predict that approval could drive Bitcoin's price to reach $100,000 by December 2024.
In August, Google announced plans to permit ads promoting NFT games starting in September, albeit with certain limitations.
While games that enable players to engage in Web3 games are allowed, the company continues to prohibit NFT games that promise real-world benefits and involve gambling.
The recent update on Crypto Trust has generated excitement within the crypto community. Optimism fueled by Bitcoin ETF prospects has already driven the crypto market to new heights, with Bitcoin reaching an annual peak.
In anticipation of the anticipated ETF approval, companies vying for the opportunity, including BlackRock, Grayscale, and Fidelity, have reportedly met with the U.S. Securities and Exchange Commission to make amendments to their filings.
Experts predict that approval could propel Bitcoin's price to an all-time high of $100K by December 2024.
The recent policy revision coincides with Bloomberg's ETF analysts predicting a 90% chance of a U.S. spot Bitcoin ETF acceptance by January 10, 2024.
There is a possibility that multiple pending applications could be approved simultaneously, although specific details about the approval processes of the 13 Bitcoin ETF applicants are limited.
Several fund managers, including BlackRock, Grayscale, and Fidelity, have reportedly engaged in discussions with the U.S. Securities and Exchange Commission regarding the technical aspects of their ETF pr oposals.
The crypto industry is optimistic about these approvals, as Bitcoin has seen a significant increase of nearly 74% in the past 90 days, and some analysts anticipate a new all-time high in 2024.
This recent policy revision represents a shifting stance of Google in the aspect of crypto-related advertisements.
Since a ban in March 2018, the technology giant has gradually eased its restrictions on cryptocurrency advertisements. This policy is especially good news for the cryptocurrency industry.
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