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Google Sets New Crypto Advertising Rules in Switzerland

99bitcoins99bitcoins2024/08/23 15:49
By:Ruholamin HaqshanasSam Cooling

Google is introducing updated advertising policies for financial products, with a specific focus on cryptocurrencies, in Switzerland. The new rules, set to take place starting September 20, aim to ensure that only compliant and licensed entities can advertise within the country.

The new guidelines will require cryptocurrency exchanges and software wallets to be licensed by the Swiss Financial Market Supervisory Authority (FINMA) to run ads on Google’s platform, the tech giant said in a recent announcement .

In addition to holding a FINMA license, these advertisers must adhere to other local legal requirements. The change emphasizes the need for cryptocurrency businesses to meet stringent regulatory standards to maintain their advertising presence.

EXPLORE: Bitcoin Ad Networks Reviews and Comparison

Google to Allow Ads for Hardware Wallets

As part of the new update, Google will now allow ads for hardware wallets, devices that store private keys for cryptocurrencies, and other digital assets. However, these products are strictly limited to storage functions and cannot facilitate the buying, selling, or trading of assets.

Switzerland is a major hub for the cryptocurrency industry, making compliance with Google’s updated policies essential for advertisers who want to continue operating in this market.

#Google tightens #crypto ad rules in Switzerland, allowing only licensed firms to advertise, to combat scams and protect users. https://t.co/xlYb5kVDqV pic.twitter.com/zXGizIdaHs

— Todayq (@todayqofficial) August 23, 2024

To advertise cryptocurrency-related products in Switzerland, companies must obtain certification from Google. The certification process ensures that advertisers meet both Google’s standards and local regulatory requirements.

Although this policy update is specific to Switzerland, it reflects Google’s broader commitment to ensuring compliance with local laws across all markets where financial products are promoted.

Google plans to enforce the new policy by issuing warnings first, followed by a seven-day grace period before any potential account suspensions. Advertisers are encouraged to review their compliance status to avoid any interruptions in their advertising campaigns.

EXPLORE: A simple practical guide to Google Adwords

Google’s Stance Toward Crypto Ads

In 2018, Google implemented a broad ban on all crypto-related ads due to concerns over scams and fraudulent activities. However, as the cryptocurrency market matured and regulatory frameworks became more robust, Google gradually relaxed these restrictions.

By 2021, Google had already started allowing ads for certain cryptocurrency exchanges and wallets, but only in select regions like the U.S. and Japan.

Advertisers who wish to promote cryptocurrency exchanges or wallet services on Google must now be registered as Money Services Businesses with the Financial Crimes Enforcement Network (FinCEN) or be licensed as a federal or state-chartered bank entity.

Additionally, these ads must comply with all relevant legal requirements and adhere to Google’s broader advertising policies, including stringent guidelines on landing pages.

Notably, while Google has opened the door to more crypto-related advertisements, it still bans ads for initial coin offerings (ICOs), DeFi trading protocols, and unregulated decentralized applications (DApps).

EXPLORE: Google Reverses Crypto Ads Ban | This Week in Crypto

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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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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