The evolution of cryptocurrencies and blockchain-based games is rapidly changing advertising policies worldwide. As the industry continues to expand, the rules around advertising are slowly beginning to change. As one of the world’s leading advertising giants, Google has taken a definitive step towards clarifying its policies on the promotion of cryptocurrencies, blockchain, and other related services. In September 2023, they updated their advertising policies to keep up with the changing times allowing businesses and marketing agencies in London alike to advertise within this space. To help you understand more about these changing policies, we will explore Google’s advertising policy update for cryptocurrencies and blockchain-based games and the implications it has for advertisers in the cryptocurrency and gaming industries.

Overview of Google’s Advertising Policy Update:

Google’s updated policy is aimed at ensuring the safety of consumers by regulating certain types of advertisements for cryptocurrencies, blockchain, and financial services. The update mainly targets Non-Fungible Token (NFT) games, decentralised applications, and in-game purchases of virtual assets. Under the new policy, advertisers must undergo screening processes to ensure that they adhere to specific standards and regulations while promoting such products.

Prohibited Ads under Google’s Policy:

Google’s advertising policy update prohibits advertisements that feature gambling and casino games with NFT rewards, initial coin offerings (ICOs), unregulated or speculative financial products, and other related schemes. This is because these types of ads pose inherent risks, such as fraudulent activity and regulatory concerns. Advertisers who violate Google’s policy are liable for action, including warnings and account suspensions.

Advertiser’s Responsibilities Under This New Policy:

To comply with Google’s policy, advertisers must ensure that they follow the local laws and regulations governing the cryptocurrency and blockchain gaming industries. They must also obtain certification that confirms their adherence to specific standards and regulations aimed at promoting safe and responsible advertising practices. Advertisers who violate these standards can expect to receive notices or warnings from Google, and failure to comply can lead to account suspension.

Implications and Challenges Of Advertising For Cryptocurrency & Blockchain

The new advertising policy poses significant challenges to advertisers in the cryptocurrency and blockchain gaming industries. The policy’s regulation of ads for NFT games and in-game purchases of virtual assets has significant implications because such games are rapidly becoming popular among consumers. Advertisers must find ways to navigate regulatory concerns while promoting these games without violating Google’s policy. While the policy aims to promote safety and help protect consumers, enforcing it requires cooperation from a range of stakeholders.

Understanding Google’s advertising policy update for cryptocurrencies and blockchain-based games is critical for business owners and customers alike. The policy’s aim is to enhance consumer safety by providing regulations aimed at promoting safe advertising practices. Advertisers and PPC specialists must navigate new challenges, such as adhering to different local laws, obtaining certification, and complying with Google’s policy on NFT games and in-game purchases of virtual assets.

Responsible advertising is crucial to maintaining the integrity of the cryptocurrency and blockchain gaming industries. However, with cooperation among stakeholders, marketers and more it is possible to manage these challenges effectively. As such, all stakeholders must work together to ensure that responsible advertising practices are maintained to ensure the safety of consumers.

Unsure on where to start with this new ads policy or you are looking for more insight into how to approach advertising within this sector? Allow our team to help by getting in touch with us today!