Google, the tech behemoth, has revised its policy on cryptocurrency-related advertising, paving the way for ads about crypto trusts starting from the end of January. This update coincides with the anticipated approval of spot Bitcoin (BTC) exchange-traded funds (ETFs) in the United States within the same timeframe.
On December 6, Google announced in its policy change log that, effective January 29, 2024, it will permit ads from entities offering Cryptocurrency Coin Trusts targeting the U.S. market. These trusts are typically financial products that enable investors to trade shares in trusts holding substantial amounts of digital currency, which likely encompasses ETFs.
Google emphasized the importance of adherence to local laws for advertisers, stating that this updated policy will be enforced globally for all accounts advertising these products. To be eligible for advertising, crypto trust advertisers must obtain Google certification. This process involves securing the necessary licensing from relevant local authorities and ensuring that their products, landing pages, and ads comply with all legal requirements in the countries or regions they aim to target.
This policy shift arrives amidst growing optimism in the crypto industry, bolstered by Bloomberg ETF analysts assigning a 90% probability to the approval of a U.S. spot Bitcoin ETF by January 10, 2024. It’s anticipated that several pending applications could receive approval simultaneously.
Currently, there are 13 Bitcoin ETF applicants, though detailed public information about their approval processes is limited. Several major fund managers, including BlackRock, Grayscale, and Fidelity, have reportedly engaged in discussions with the U.S. Securities and Exchange Commission, focusing on critical technical aspects of their ETF proposals.
The crypto market is responding positively to these developments, with Bitcoin experiencing a nearly 74% increase in value over the past 90 days. Some analysts are even predicting that Bitcoin could reach a new all-time high in 2024, fueled by the potential approval of these ETFs.
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