Google launched the first phase of its new financial services policy in September last year, requiring UK providers to provide documentation that they must be approved by the UK Financial Conduct Authority before running Google ads.
Now, the same rules will be extended to Australia, Singapore and Taiwan in partnership with their respective local authorities.
Explained by Google:
“As part of the verification process, financial services advertisers in this market have to show that they are approved by the relevant financial services regulator, and have completed Google’s advertiser verification program to begin promoting their products and services. Advertisers will be able to apply for verification by the end of June, and the policy will take effect on August 30, 2022. Advertisers who have not completed the new verification process by this date will no longer be allowed to promote financial services. “
Which can be interesting for investment opportunities related to crypto brands and crypto speculation. For example, NFT projects are clearly about ‘industry’, but in reality, mostly about financial opportunities, flipping NFT pictures for more money in the open market.
Are they subject to Google’s new financial services regulations?
OK, NFT, not directly, but Google has restrictions on crypto advertisingAdvertising with crypto exchanges is only permitted in certain countries (and only if they meet local authorization requirements),Ds is not at all authorized for initial currency offers, DeFi trading protocols or ‘buying, selling or promoting cryptocurrencies’.
The growing interest in crypto is not the direct purpose of these new regulations, but Google is trying to bring its systems in line with local law to ensure that its platforms are not used to facilitate illegal activity.
And according to Google, the extra system is working:
“Ever since we introduced this policy in the UK, we have seen a clear decline in reports of advertisements promoting financial scandals. […] In 2021 alone, We have blocked or removed more than 58.9 million ads in violation of our Financial Services Policy. And In 2020, We’ve launched our Advertiser Verification Program, which requires Google advertisers to verify and disclose information about their business, such as where they work and what they sell or promote. This transparency feature is now live in more than 180 countries and helps people learn more about the companies and services behind a particular ad.“
This is a good move for Google to adapt its systems to local rules, which will help the platform avoid future government conflicts over its promotional policies and the spread of scandals.
Which has become a major problem in the emerging crypto space. Every day there is another platform of exploitation or rage that robs millions of people – and you can bet that, eventually, more governments will take steps to provide more protection for their citizens.
It could completely spell the end of the crypto, at least in a truly practical sense. But no matter what happens on a larger scale, it is understandable for Google to be consistent before it becomes a major concern.