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Google is cracking down on cryptocurrency advertisements within the European Union, announcing a new policy that will restrict crypto ads unless they are verified under the Markets in Crypto-Assets (MiCA) framework. The move comes into effect starting April 23, and aims to enhance investor protection by promoting transparency and reducing scams.
As of next week, Google will only allow advertisements for cryptocurrency exchanges and software wallets from firms that have been authorized as Crypto Asset Service Providers (CASPs) under the MiCA regulation or national regulations that are deemed equivalent. This new policy applies to 30 EU countries, including Germany, France, and Spain, although some nations have been given a transition period where existing licenses will be accepted.
To become compliant with the new policy, advertisers must undergo a two-step certification process. Firstly, they need to obtain a license as CASPs from a relevant national competent authority. Secondly, they must be certified by Google before running any ads on their platform.
The impact of this policy is likely to affect smaller firms in the cryptocurrency space, which may struggle to meet the capital requirements under MiCA or navigate the certification process. The requirement for dual certification will add an extra layer of bureaucratic hurdles that new players in the crypto space may find difficult to overcome.
Source: https://www.crypto-news-flash.com/google-to-restrict-crypto-ads-in-eu-unless-verified-under-mica-framework/?utm_source=rss&utm_medium=rss&utm_campaign=google-to-restrict-crypto-ads-in-eu-unless-verified-under-mica-framework
