Google’s Changes Regarding the Regulation of Advertising of Cryptographic Assets in The United Kingdom
It has been reported that Google is now requiring UK based businesses that offer advertising for digital asset exchanges and wallets to apply for registration with Financial Conduct Authority.
This goes into effect on the 15th of January, 2025. It has been observed that there is increasing concern regarding cryptocurrency advertisements relief in the form of policies.
Similar to laws formulated in jurisdictions where Cryptocurrency trading is legal, advertising of Software wallets or Cryptocurrency exchanges in the UK also has some rules.
There have been recent news reports about an ill – advised promotion of Solana based memecoin and NFT project Retardio which attracted the attention of FCA. Furthermore, even the SEC of Nigeria has set up stringent norms relating to advertisement of any cryptocurrency assets.
Has crypto being brought down in Google Ads? Well, there seems to be a demand for such ads as sponsored links are providing great turnover. One such link was showcasing a Phishing site as Sonaiums blockchain project.
This led to unforeseen damage control for the users as there was an irreversible loss of 70 K dollars for 10 thousand users.
Once these changes are approved, cryptocurrency companies operating from the UK will be required to register with the FCA.
Besides, they would add wallets for digital assets as part of their offerings but without engaging in trading cryptocurrency as Google policies don’t allow such.
Breakdown of Points:
New Policy changes: As per Google’s requirements almost all the UK based advertisers who are cryptocurrency exchanges and wallet ads have to register with the Financial Conduct Authority.
Date of Implementation: 15th January, 2025 is the date on which this policy will come into effect.
Conditions for Consumers: For consumers who want to purchase ads for cryptocurrency exchanges or ad software wallets in the UK have to fulfill certain criteria.
Solana concern: The FCA highlighted the project “Retardio” which is on the Solana blockchain due to it looking to gain UK users without permission to do so.
International Regulator Action: There are efforts by Nigeria’s SEC to reinforce regulations especially with advertisements since that doesn’t require registration.
Nigerian Advertisement Principles: before any advertisement is launched in Nigeria regarding the promotion of crypto assets, the SEC needs to approve it first as per the guidelines.
Malicious Sony Advertisement: There are numerous Sony accounts on Google Ads that are actually fake crypto websites demanding coins needlessly.
Security Wallet Operative App: There was a WalletConnect wallet that was advertised on google play that took $70,000 from users making it a dishonest wallet app.
Ads for Hardware Wallet: Google will also accept adverts for hardware wallets but only if they do not provide services like buying, selling, or trading cryptocurrency.
Worldwide Usage: As per Google’s guidelines, advertisers are encouraged to target their advertisements in accordance with the legal requirements in geography they are promoting ads.
