Adverts for cryptocurrencies, wallets and ICOs will be banned, as Google attempt to replicate Facebook's regulation.
Google will place a ban commencing from June regarding cryptocurrency-related advertisements, something that Facebook had enforced since January. The sole reason for this is to prevent the likelihood of scams and misleading adverts.
With the sudden growth of the digital currency industry that sparked towards the end of last year, the potential for threats towards possible customers and investors is a threat that the tech company refuses to tolerate. The increased interest in the industry has seen many cases of fraudulent activity and scams, as the unregulated market continues to ring alarm bells.
(Image source: Indian Express)Google's director of sustainable adverts, Scott Spencer, mentioned in a blog post that "several policies have been updated to address adverts in unregulated or speculative financial products, like binary options, cryptocurrencies..." Google have also mentioned that this ban expands to digital currency wallets and initial coin offerings (ICOs). Furthermore, the company also aims to ban gambling adverts.
Google have also stated that they removed just over 3 billion adverts in 2017, those of which had not followed the certain protocols and guidelines that are enforced to ensure safeguarding measures are in place. Bradley Rice, Senior Regulation Lawyer at Ashurst has stated that this move will give customers the "comfort of knowing that transactions are subject to stricter legal requirements."
Although digital currencies are unregulated, it was stated last week that UK MP's are looking into the potential that measures could be implemented to regulate certain financial digital transactions.
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