Google Implements Stricter Crypto Advertising Policies in Europe Starting April 23
Google will implement stricter advertising policies for crypto firms in Europe starting April 23. This aligns with the EU's Markets in Crypto-Assets (MiCA) regulation, establishing a unified regulatory framework for digital assets.
Key Points
- Crypto exchanges and wallets must be licensed under MiCA or as a Crypto Asset Service Provider (CASP).
- The rule applies across most EU nations including Germany, France, and Italy.
- No immediate penalties for violations; Google will issue a warning before account suspension.
- MiCA aims to standardize regulations on anti-money laundering and counter-terrorist financing by December 2024.
- eToro has secured a MiCA license from CySEC, becoming one of the first firms approved for EU-wide trading.
Industry Reactions
- Hon Ng from Bitget noted that the policy may enhance investor protection but could burden smaller companies struggling with capital requirements ranging from €15,000 to €150,000.
- Mattan Erder from Orbs emphasized that compliance costs might shut out smaller firms, limiting market competition and innovation.
- Google's collaborations with crypto firms extend beyond advertising, indicating a deeper engagement with the industry.