Should the game be black and white or may it be colored (like Game Boy Color games)?
It needs to be a valid GB ROM so I'd assume black/white or DMG greenscale palette.
It can be colored, as long as it is a real Game Boy ROM / game. So both, Game Boy and Game Boy Color is fine. *I'll look into the Jam description, if I can make it more clear! /edit: updated the rules section. :)
Ohhh good to know!