As a seasoned crypto investor with a knack for navigating the digital asset landscape, I welcome Google’s move to tighten regulations around crypto advertisements, particularly in the UK. Having witnessed numerous scams and unscrupulous practices in this space, I believe that stricter oversight can help protect investors from potential losses and foster trust in this burgeoning industry.
Starting from January 2025, advertisements on Google pertaining to digital asset exchanges and wallets within the UK will need to be registered with the nation’s financial services regulatory body, following an upcoming Google policy change.
Starting January 15, 2025, the search engine firm has announced that advertisers dealing with cryptocurrency exchanges within the United Kingdom will be authorized to promote their services, provided they fulfill specific conditions.
Google will permit advertisements for cryptocurrency exchanges and digital wallets as long as these services are officially registered with the Financial Conduct Authority (FCA).
Google expects advertisers to comply with local laws
Google has shared the news that they will now allow advertising for hardware wallets, which securely hold your private keys for cryptocurrencies, NFTs, or other digital assets. However, these ads are only permitted if the hardware wallets do not offer extra functions like purchasing, selling, or trading.
As an analyst, I’ve noticed that while Google Ads does not provide explicit guidelines regarding hardware wallets, it is essential for advertisers to adhere to local regulations set by respective authorities, as implied in Google’s policy.
“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.”
As a researcher, when aiming to display cryptocurrency-related ads through Google, it’s essential to thoroughly investigate the specific laws and regulations of the regions where you intend your advertisements to be visible. To ensure compliance, I must also meet the guidelines established by the financial regulatory bodies in those respective areas.
Regulators combat unauthorized crypto promotions
The new update comes as regulators work on combating crypto-related advertising within their jurisdictions.
On December 16th, the Financial Conduct Authority (FCA) issued a warning regarding a Solana-based memecoin and NFT project named “Retardio.” The FCA expressed worries about unapproved marketing tactics aimed at UK consumers. The FCA stated that since the company is not registered, users interacting with the project may face difficulties in recovering their funds if the company were to close down.
At the same time, Nigeria’s Securities and Exchange Commission (SEC) has become stricter with the rules regarding the promotion and marketing of cryptocurrency products. According to the SEC, virtual asset service providers and social media influencers are now required to obtain approval from the commission before they can publish any advertisements for cryptocurrencies.
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2024-12-21 10:27