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Google has unveiled a significant policy update requiring all crypto-related advertisements in the United Kingdom to register with the Financial Conduct Authority (FCA) before being allowed to run on its platform. This new rule, aimed at enhancing compliance and protecting consumers, will come into effect on January 15, 2025.
Stricter Rules for UK Crypto Advertisers
Under this policy, advertisers promoting digital asset exchanges or software wallets in the UK must fulfill specific conditions, including:
- FCA Registration: Ensuring compliance with the UK’s financial regulations.
- Permitted Ads: Google will allow advertisements for hardware wallets, NFTs, and other digital assets, provided these do not include ancillary services like buying, selling, or trading crypto assets.
Google emphasized the global applicability of this policy, reminding advertisers to adhere to local laws in their targeted regions.
Global Crackdown on Misleading Crypto Ads
The move comes amid growing scrutiny of crypto-related advertisements worldwide. Regulatory bodies, including the FCA, are intensifying efforts to curb misleading promotions.
- UK Warning: The FCA recently flagged the Solana-based memecoin and NFT project “Retardio” for unauthorized promotions targeting UK consumers.
- Nigeria’s SEC: Introduced new guidelines requiring virtual asset service providers and influencers to secure approval before publishing promotional materials.
Rising Threat of Crypto Scams
Google’s announcement follows a series of incidents highlighting the risks associated with deceptive crypto ads and apps:
- Fake Crypto Websites: In October, a phishing site disguised as a link to Sony’s blockchain project Soneium was exposed as a wallet drainer targeting crypto assets.
- Fraudulent Wallet Apps: A malicious app named WalletConnect, mimicking the reputable WalletConnect protocol, reportedly stole $70,000 from users. Over 10,000 individuals downloaded the app before its removal, as revealed by Check Point Research (CPR).
These incidents underscore the urgency for stricter regulations and robust verification mechanisms to safeguard crypto users.
Google’s Commitment to Transparency
Google’s updated policy aligns with global efforts to foster a safer digital asset ecosystem. By mandating FCA registration and enforcing compliance, the search giant aims to reduce the risks of misleading ads while supporting legitimate crypto innovation.
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