Google It is going to change its policy soon to stop financial scams. Tech company Google has decided to update its advertising policy on January 15 this month. This change in Google's policy will be made to change the financial scams and complaints being received in the crypto sector. This is a big step by Google to meet UK crypto advertising regulation compliance. UK authorities had received many complaints regarding irregularities related to cryptocurrency, due to which a decision was taken to regulate its propagation.
Policy update on January 15
Google will first demonstrate crypto platform advertisements to the UK's Financial Conduct Authority (FCA) so that its license can be retained. The tech company has mentioned about the change in policy on its support page. In its post, Google has said that it will allow promotion related to hardware wallets that hold the private keys of cryptocurrencies, in which NFT or other crypto-based assets will be present, but the company will not promote any such additional service in which crypto can be bought. There will be mention of selling, exchange or trade.
Companies doing crypto advertisements will have to keep in mind Google's upcoming update. However, Google has also clarified that the accounts of those who break the policy will not be immediately suspended. If any crypto firm is found advertising without UK FCA registration, it will first be sent a notification and given 7 days to register. Accounts that do not do so will be suspended later.
change in 2023
The UK authority had been working on a policy for the last two years to prevent losses and frauds caused to investors through unverified cryptocurrency services. The FCA has approved crypto advertisements in June 2023, but has asked for warnings to be issued regarding the risks and false promises. Also, UK authorities have asked crypto platforms to stop promotions involving referral bonuses.
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