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Google to enforce FCA registration for UK crypto ads by 2025

Google to enforce FCA registration for UK crypto ads by 2025

GrafaGrafa2024/12/23 06:00
By:Mahathir Bayena

Google will require cryptocurrency advertisers in the United Kingdom to register with the Financial Conduct Authority (FCA) under updated advertising policies effective January 15, 2025.

The policy applies to promotions for crypto exchanges, software wallets, and hardware wallets.

Advertisements targeting UK users for crypto exchanges and software wallets will only be permitted if companies hold FCA registration.

Ads for hardware wallets that store digital assets, such as private keys for cryptocurrencies or NFTs, will also be allowed, provided they do not offer services like buying or selling assets.

Google emphasised compliance with local laws as a global expectation for all advertisers.

"We expect all advertisers to comply with the local laws for any area that their ads target," Google stated in its policy update.

This requirement aligns with broader regulatory efforts to control unauthorised crypto promotions.

On December 16, the FCA issued a warning about a Solana-based (CRYPTO:SOL) memecoin and NFT project called "Retardio," citing its unregistered status and potential risks to consumers.

The FCA highlighted that consumers might not recover funds if unregistered firms fail.

Other jurisdictions are also tightening regulations on crypto advertising.

Nigeria's Securities and Exchange Commission now mandates virtual asset service providers and social influencers to seek prior approval before publishing any crypto-related advertisements.

The policy underscores Google's intent to align its operations with regulatory frameworks and protect users from unregulated promotions.

Crypto companies targeting UK audiences must prepare to meet FCA requirements to ensure compliance and continued advertising eligibility on Google platforms.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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