Google policy update requires FCA registration for UK crypto ads

Key Takeaways

Google will require UK crypto advertisers to have FCA authorization starting January 2025.
Hardware wallets can advertise without FCA registration if they solely store private keys.

Google is updating its crypto ads policy, placing stricter requirements on advertisers seeking to promote crypto services and products in the UK. The updated rules will require crypto exchanges and software wallet providers to register with the Financial Conduct Authority (FCA) before advertising on its platform.

While these services fall under the strict FCA registration requirement, ads for hardware wallets are subject to different rules. The new policy permits hardware wallet advertising without FCA registration, provided the devices are solely for storing private keys and do not facilitate trading or exchange services.

All advertisers must obtain Google certification and comply with local regulations in their target markets. The policy update, effective January 15, applies globally to all accounts advertising these financial products.

Google has adjusted its cryptocurrency advertising policy several times. In 2018, all crypto-related ads were banned due to concerns about scams. This stance softened in 2021, with Google allowing advertisements from regulated crypto exchanges and wallet providers, albeit under specific conditions.

The turning point was the arrival of spot Bitcoin ETFs in the US. In late 2023, Google announced updates to its ads policy, which permits ads for “Cryptocurrency Coin Trusts,” starting January 29.

This change came as Wall Street and the crypto world were keenly focused on the SEC’s pending decision regarding spot Bitcoin ETFs. Just weeks later, on January 10, the SEC officially approved these funds for trading.