Google expands requirements for ads relating to financial products and services

Google has announcement an extension of its rules around advertisements relating to financial products and servicesto provide additional protection against fraud and scams for consumers in more regions.

Google launched the first stage of its new financial services policy rollout in September last year, with providers in the UK required to provide documentation confirming they are authorized by the UK’s Financial Conduct Authority. Uni before you can show Google ads.

From now on, the same regulations will be extended to Australia, Singapore and Taiwan, in partnership with their respective local authorities.

Advertising

As explained by Google:

As part of the verification process, financial services advertisers in these marketplaces will need to demonstrate that they are licensed by their relevant financial services regulator and have completed Google’s advertiser verification program in order to begin advertising. promote their products and services. Advertisers will be able to request 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 financial services .

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 on the open market.

Do they fall under Google’s new financial services regulations?

Well, NFTs, not directly, but Google has restrictions on crypto adswith 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.

Growing interest in crypto isn’t the direct goal of these new regulations, but Google is trying to make its systems more compliant with local laws on this, to ensure its platforms aren’t used. to 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 alone, 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 operate and what they sell or promote. This transparency feature is now live in over 180 countries and helps people learn more about the business and services behind a specific ad.

It’s a good move for Google to make its systems more compliant 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 another rug draw that robs people of millions – and you can bet that eventually more governments will look to step in to provide more protections to their citizens.

It could mean the end of crypto entirely, at least in a really 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.

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Google expands requirements for ads relating to financial products and services


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