Google advertisements promoting digital asset exchanges and wallets in the United Kingdom must register with the country’s financial services regulator when a new Google policy update takes effect in January 2025.
The search engine company said that starting on Jan. 15, 2025, advertisers offering crypto exchange products and services in the UK will be allowed to advertise if they meet certain requirements.
For crypto exchanges and software wallets, Google said it would allow ads to promote these products if they are registered with the Financial Conduct Authority (FCA).
Google expects advertisers to comply with local laws
Google also announced that it will permit ads for hardware wallets designed to store private keys for cryptocurrencies, non-fungible tokens (NFTs), or other digital assets, as long as they do not provide additional services such as buying, selling, or trading.
While Google Ads did not specify any further requirements for these hardware wallets, the company expects advertisers to comply with local regulations. Google wrote:
“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.”
This means that advertisers wanting to show crypto-related ads on Google must look into the local regulations of the jurisdictions they want their ads to appear and meet the requirements set by the financial regulators in those areas.
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Regulators combat unauthorized crypto promotions
The new update comes as regulators work on combating crypto-related advertising within their jurisdictions.
On Dec. 16, the FCA warned against a Solana-based memecoin and NFT project called “Retardio.” The regulator cited concerns over unauthorized promotions targeting UK customers. The regulator said that because the firm is not registered, consumers engaging with the project might not get their money back if the company goes out of business.
Meanwhile, Nigeria’s Securities and Exchange Commission (SEC) also tightened its regulations for marketing and promoting crypto products. The SEC said that virtual asset service providers and social influencers must get permission from the agency before publishing any crypto ads.
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