Until 2018, cryptocurrency advertising was allowed on most advertising platforms. The attitude towards cryptocurrency ads did not change until websites such as Google, Twitter, and Facebook began banning such ads in March of 2018. As a result of the ban from these three sites, no advertiser was able to advertise crypto-related projects. They were also not allowed to buy tokens from an ICO. Facebook has labeled cryptocurrency-related products as misleading, as many of them turned out to be fake.
The ban on crypto ads was partially lifted in September 2018 when Facebook and Google allowed the advertising of cryptocurrencies and other related products after being pre-approved by their ads in Japan and the US. And now, in 2021, Google has relaxed its restrictions once again.
These latest developments are largely thanks to large investors like Tesla buying billions worth of Bitcoins, making the advertising world rethink its strategy when it comes to crypto projects.
On the other hand, some countries have banned Bitcoin and other cryptocurrencies altogether. This includes things like trade, use, investments, and advertising. In China, the hype around cryptocurrencies has turned into fear and anxiety, as the government has imposed various restrictions to make the advertising of crypto-related issues and projects very challenging.
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Countries that are more open to cryptocurrencies, such as Japan, still do not allow ads on social media platforms. Like everywhere else in the world, cryptocurrencies are self-regulatory in Japan. For this reason, search engines in the country have to constantly review their regulatory policies in order to keep up with the ever-changing market.
The U.S. has a relatively positive view of cryptocurrencies and has commissioned the Securities and Exchange Commission, the Federal Trade Commission, and other organizations in the financial world to investigate industry regulations.
Regarding the European Union, there was no regulation in the sector until January 2020. However, there was a money laundering regulation recently issued for EU countries that made many companies mandatory. register with the financial authorities.
Currently, financial authorities do not manage crypto advertising in the majority of countries. Since the market is still constantly changing, regulatory agencies are in no hurry to impose any restrictions. Because of these factors, it is still difficult to determine exactly what kind of regulation will come to crypto ads, no matter what platform it is. There may be drastic restrictions in the end, or someone or some companies may create a list of requirements or criteria.
There are varying levels of acceptance for crypto ads across multiple advertising platforms and other social media. The good news here is that restrictions are slowly being relaxed. Apart from that, advertisers who want to run crypto ads can rely on other types of platforms to avoid the risk of possible bans.
In the future, if the authorities involved in figuring out how to regulate cryptocurrencies develop consistent guidance, restrictions on advertising are likely to be relaxed. This is because major online platforms prefer to implement policies that protect their reputations.
It is also possible for each country to come up with its own industry-supported rubrics or rules and criteria for advertising cryptocurrencies and other related products. When there are no regulations or standards to follow, they decide for themselves what is and is not suitable for advertising service providers.
Despite the slow adoption of cryptocurrencies among investors and businesses, cryptocurrencies and other related products are still too new for regulation anywhere in the world. The good thing here is that there are already some countries that have integrated crypto advertising regulations into their laws. This will help the ad technology providers who are blind all this time. Of course, creating long-term plans and strategies for the promotion of crypto products and projects will continue to be difficult and difficult. Fortunately, bans are starting to wane, which helps marketers and analysts track changes in rules as they gather data they can use to advertise on specific platforms and other traffic sources.
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