The big picture: Cryptocurrencies like Bitcoin and Litecoin have taken a beating in 2018 but now that regulation is catching up to the industry, some of the bigger names that previously distanced themselves are warming back up to the idea of digital currency.
Google is following an earlier move by Facebook to reverse its hardline stance on cryptocurrency ads.
The search giant in June implemented a ban on advertisements for cryptocurrencies and related content like initial coin offerings, cryptocurrency exchanges, wallets and trading advice. In a recent notice regarding its financial products and services policy, however, Google said that beginning next month, it will allow regulated cryptocurrency exchanges to advertise on its platform in the US and Japan.
Those wishing to run ads will need to be certified with Google to do so.
Scott Spencer, Google’s director of sustainable ads, told CNBC when the ban was first announced that they didn’t have a crystal ball to know where the future is going with cryptocurrencies but they’d seen enough consumer harm to know it was an area they wanted to approach with extreme caution.
According to CNBC, Google’s parent company – Alphabet – generates around 86 percent of its total revenue from advertising. In the first half of 2018 alone, over $54 billion has poured in from ad revenue.
Now that regulation is starting to catch up to the cryptocurrency market, Google no longer wants to miss out on potential windfalls.