Google updates its crypto ads policy for cryptocurrency-based financial services and businesses. According to the latest amendments, the platform requires companies seeking to advertise and promote crypto services to acquire Google certification and regulatory compliance with their targeted markets. Similarly, firms willing to advertise in the UK must register with the Financial Conduct Authority (FCA) first, the announcement noted.
On the other hand, crypto hardware wallets designed to store funds, NFTs, and private keys as their core feature, and do not perform any trading activities will not be subject to FCA registration. The policy update, active from Jan. 15, is subject to all advertisers linked with Google.
Though the search engine didn’t specify further requirements for hardware wallets, it mentioned all the advertisers will have to comply with local laws. It noted:
As a reminder, we expect all advertisers to comply with the local laws for any area that their ads target. This policy will apply globally to all accounts that advertise these financial products
Google updated its policy several times
It’s not the first time Google tweaked its advertising policy regarding crypto firms. In 2018, the search engine put a blanket ban on all crypto-related services to prevent investors from financial losses and drive integrity in its advertisements as crypto scammers had accelerated their efforts at the time.
As things changed, Google softened its digital assets ads policy by acknowledging the industry’s widespread growth and legitimacy. In 2021, it allowed regulated exchanges and wallet providers to advertise on the platform, but under strict regulations.
Financial watchdogs to combat illegal crypto firms globally
Notably, the new update from Google comes following the financial watchdogs such as FCA steps up to combat illegal crypto businesses.
Last week, FCA raised red flags on a Solana-based memecoin project, Retardio, citing the project promotes unauthorized promotions in the UK. The authority reminded investors to deal with only FCA-registered companies to have government watchdogs’ support in case a company runs out of business.
Similarly, the Nigerian Securities and Exchange Commission (SEC) also changed its policies regarding digital assets marketing and promotions. It implied that influencers and digital assets service providers must get permission from the authority before publishing any crypto ad.
