As of April 23, Google is introducing a new policy for ads related to cryptocurrency services in Europe.
Thus, all cryptocurrency exchange services and digital wallets wishing to advertise their services on Google platforms will have to have a license that complies with MiCA or CASP regulatory standards. In addition, advertisers will need to comply with any additional local regulatory requirements set at a national level. Certification from Google will also be required.
The new policy will be in effect across almost the entire EU, in 27 countries including Italy, France, Germany, Spain, and other member states.
Google has also clarified that violations of the new policy will not result in immediate suspension of ad accounts. In case of violations, advertisers will receive at least 7 days’ notice. This gradual approach is intended to give advertisers the necessary time to comply with the new rules.
The main purpose of the innovations is to tighten regulation of the cryptocurrency sector and fight fraud.
The head of the legal department of Bitget exchange, Hong Ng, spoke out regarding the new policy, stating:
“Google’s new policy represents a “double-edged sword” for the cryptocurrency sector. On the one hand, the adoption of the MiCA framework will help to filter out unregulated operators and increase investor safety. But on the other hand, strict application of the new rules may prove to be overly restrictive, especially for smaller organizations.”
Also, the general counsel of blockchain network Orbs, Mattan Erder, noted that the policy update is aimed more at protecting Google from potential legal liabilities than directly protecting investors. If the new requirements prove to be onerous and costly for smaller companies, it will only strengthen the position of larger market participants.
- Google’s new policy: https://support.google.com/adspolicy/answer/16089943?hl=en-GB
- Read more on Google News.
