Up until 2018, cryptocurrency adverts were permitted on the majority of advertisement platforms. It wasn’t until websites like Google, Twitter, and Facebook started banning such ads in March of 2018 did the attitude towards cryptocurrency ads change. As a result of the ban from those three sites, no advertisers were able to advertise crypto-related projects. They weren’t allowed to buy tokens from an ICO either. Facebook had even labeled cryptocurrency-related products as misleading since a lot of them turned out to be fraudulent.
The ban on crypto advertisements was partially lifted in September of 2018, with Facebook and Google allowing the advertisement of cryptocurrencies and other related products once it was pre-approved by advertised in Japan and the U.S. And now, in 2023, Google has once again loosened up their restrictions.
These recent developments are largely thanks to large investors like Tesla, who bought billions worth of Bitcoins, making the advertising world rethink its strategy when it comes to crypto projects.
On the other hand, some countries have outright banned Bitcoin and other cryptocurrencies completely. This includes things like trade, use, investments, and advertisement. In China, the hype around cryptocurrencies has changed into fear and apprehension because the government has put various restrictions in place to make advertising crypto-related matters and projects very challenging.
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Countries like Japan which have been more open towards cryptocurrencies, still do not allow advertisements on their social media platforms. Just like everywhere else in the world, cryptocurrencies are also self-regulatory in Japan. Because of this, the search engines in the country have to constantly review the regulation policies to keep up with the constantly changing market.
The U.S has a comparatively positive view on cryptocurrencies and has employed the Securities and Exchange Commission, the Federal Trade Commission, and other entities in the financial world to look into the regulation of the industry.
In regards to the European Union, there wasn’t any regulation seen in the industry until January of 2020. Recently, however, there was an anti-money laundering directive that was launched for EU countries, subjecting a lot of companies to be obligated to register with financial authorities.
Right now, financial authorities are not governing crypto advertisements in the majority of countries. Regulation entities aren’t rushing to establish any kind of restrictions either since the market is still constantly changing. Because of these factors, it is still hard to determine exactly how regulation will come to crypto advertisements, whichever platform it may be. There may eventually be hard restrictions, or someone or some company may come up with a list of requirements or criteria.
There have been varying levels of acceptance for crypto advertisements across multiple ad platforms and other social media. The good news here is that restrictions are slowly becoming relaxed. Other than that, advertisers looking to put up crypto ads can still rely on other kinds of platforms to prevent the possible risk of being banned.
In the future, if the authorities involved in figuring out how to regulate cryptocurrencies develop a consistent guideline, then it is likely that the restrictions on ads will loosen up. This is because large online platforms would prefer to implement policies that protect their reputation.
It is also possible that every individual country may come up with its own industry-backed rubrics or rules and criteria for advertising cryptocurrencies and other related products. Without any kind of regulations or standards to follow, advertisement service providers are left to decide what is appropriate or not for themselves.
Despite the slowly increasing adoption of cryptocurrencies among investors and businesses alike, cryptocurrencies and other related products are still very new to regulation anywhere in the world. The bright side here is that there are already some countries that are integrating crypto advertisement regulation into their laws. This is going to help ad tech providers that have been flying blind all this time. Surely, creating long-term plans and strategies for the promotion of crypto products and projects is and will continue to be challenging. Luckily, the bans are starting to lessen, which helps marketers and analysts monitor the changes in the rules while being able to collect data that they can use to advertise on specific platforms and other sources of traffic.
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