A recent update in Google‘s cryptocurrency advertising policy has ushered in an era of change, somewhat softening its previous stance on crypto ads. Starting September 15th, cryptocurrency gaming companies have the green light to advertise their blockchain-based non-fungible token (NFT) games. However, any games or advertisements that promote gambling or gambling services remain off-limits.
The new regulations allow games in which players can purchase in-game items like virtual apparel, weaponry, or armors that enhance the user’s gameplay or assist in game progression. However, games where players can stake their NFTs against others or for the chance to win a reward, including other NFTs or cryptocurrencies, will still be banned under the new policy.
These updates might seem inclusive on the surface. Yet they raise interesting questions when we remember that Google had previously banned all cryptocurrency-related ads across its platforms in March of 2018, primarily due to concerns about potential consumer harm.
The 2018 ban was seen as a significant setback for crypto markets. Cryptocurrency firms could not promote their services or products, and consumers lost out on potentially beneficial opportunities due to lack of information.
Although the broader ban was softened in 2021 to let some companies advertising “cryptocurrency exchanges and wallets targeting the United States,” it wasn’t a blanket approval. Those companies had to be registered with FinCEN as a Money Services Business or a federal or state-chartered bank entity.
This is another example of tech giants flexing their muscles over the crypto world. On one hand, these firms do have a responsibility to protect consumers from potential scams or risky investments, but on the other hand, these harsh regulations can hinder the growth of budding crypto ventures.
The current update still shows Google‘s cautious approach towards the cryptocurrency world. But, with the rapid developments in the crypto domain, gauging public sentiment via advertising could be seen as a sensible move. Being too rigid with ad policies might stifle innovation in a sector that’s growing exponentially. Nonetheless, the company retains a firmer grip on crypto-related advertisements, enabling it to thwart misleading ads that could potentially harm the consumer.
Given these developments, we might see more tech giants adopting a flexible advertisement policy relating to NFTs and the broader blockchain ecosystem. Ultimately though, striking the right balance between supporting innovation and shielding consumers from potential pitfalls will be an ongoing challenge.
Source: Cointelegraph
