Google has announced an expansion of its rules regarding advertisements relating to financial products and servicesto provide additional protection against fraud and scams to consumers in more regions.
Google launched the first stage of its new financial services policy in September last year, with providers in the UK required to provide documentation confirming they are authorized by the UK Financial Conduct Authority before they can broadcast Google ads.
From now on, the same regulations will be extended to Australia, Singapore and Taiwan, in partnership with their respective local authorities.
As explained by Google:
“As part of the verification process, financial services advertisers in these marketplaces will need to demonstrate that they are authorized by their relevant financial services regulator and have completed Google’s advertiser verification program in order to begin to promote their products and services. Advertisers will be able to apply for verification at 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 the services. financial.
Which could be interesting for crypto brands and investment opportunities related to crypto speculation. NFT projects, for example, are ostensibly about “art,” but in reality, most are about financial opportunities, in terms of flipping NFT images for more money in the open market.
Are they subject to Google’s new financial services regulations?
Well, NFTs, not directly, but Google has restrictions on crypto ads, with crypto exchanges only allowed to advertise in certain countries (and only if they meet local permission requirements), while ads for initial coin offerings, DeFi trading protocols, or those “promoting the buying, selling, or trading of cryptocurrencies” are not allowed at all.
The growing interest in crypto is not the direct goal of these new regulations, but Google is trying to bring its systems more in line with local crypto laws, to ensure that its platforms are not used for facilitate illicit activities.
And according to Google, its additional measures are working:
“Since we launched this policy in the UK, we have seen a marked drop in reports of adverts promoting financial scams. […] In 2021 only, we’ve blocked or removed more than 58.9 million listings for violating our financial services policies. And in 2020, we launched our advertiser verification program which will require Google advertisers to verify and disclose information about their business, such as where they do business and what they sell or promote. This transparency feature is now available in over 180 countries and helps users learn more about the company and services behind a specific ad.”
It’s a good move for Google to further align its systems with local rules, which will also help the platform avoid future government confrontations over its promotional policies and amplification of scams.
Which have become a bigger issue in the emerging crypto space. Every couple of days there’s another platform exploit or rug draw that robs millions – and you can bet that eventually more governments will look to step in to provide more protections for their citizens. .
This could spell the death knell for crypto, at least in a truly functional sense. But regardless of what’s happening on a larger scale, it makes sense for Google to line up on this before it becomes a bigger concern.