Google’s latest update to its cryptocurrency ads policy in the UK has put stricter requirements on advertisers looking to promote crypto services and products. The new rules mandate that crypto exchanges and software wallet providers must register with the Financial Conduct Authority (FCA) before advertising on Google. However, hardware wallet ads are allowed without FCA registration, as long as the devices are used solely for storing private keys and do not facilitate trading or exchange services.
All advertisers, regardless of whether they are required to register with the FCA, must obtain Google certification and comply with local regulations in their target markets. The updated policy, effective as of January 15, applies globally to all accounts advertising financial products in the crypto space. Google has made adjustments to its crypto advertising policy over the years, moving from a complete ban on all crypto-related ads in 2018 to allowing regulated crypto exchanges and wallet providers to advertise under specific conditions in 2021.
The catalyst for this recent policy change was the introduction of spot Bitcoin ETFs in the US. Google announced updates to its ads policy in late 2023, allowing advertisements for “Cryptocurrency Coin Trusts” starting January 29. This adjustment came at a time when both Wall Street and the crypto community were eagerly awaiting the SEC’s decision on spot Bitcoin ETFs. On January 10, just weeks after Google’s announcement, the SEC officially approved these funds for trading.
In recent years, Google has been more open to allowing crypto-related advertisements from regulated entities, signaling a shift in its approach to cryptocurrencies. The increasing institutional interest and development of crypto financial products like Bitcoin ETFs have played a role in shaping Google’s evolving ad policies. By requiring advertisers to register with regulatory authorities like the FCA, Google is aiming to promote a safer and more compliant environment for crypto advertising on its platform.
Ultimately, the stricter requirements imposed by Google’s updated ads policy in the UK reflect a broader trend towards increased regulation and oversight in the crypto industry. As the market matures and more institutional players enter the space, regulatory compliance becomes a crucial aspect for companies looking to advertise their crypto services and products. By aligning its advertising policies with regulatory standards, Google is taking a proactive approach to ensure that advertisers operating in the crypto space adhere to the necessary compliance measures to protect consumers and maintain market integrity.
