News

Google Sets New Crypto Advertising Rules in Switzerland

Google is introducing updated advertising policies for financial products, with a specific focus on cryptocurrencies, in Switzerland.

By Ruholamin Haqshanas

Last Updated: Aug 23, 2024

Fact checked

By Sam Cooling

Google Sets New Crypto Advertising Rules in Switzerland

Google is introducing updated advertising policies for financial products, with a specific focus on cryptocurrencies, in Switzerland. The new rules, set to take place starting September 20, aim to ensure that only compliant and licensed entities can advertise within the country.

The new guidelines will require cryptocurrency exchanges and software wallets to be licensed by the Swiss Financial Market Supervisory Authority (FINMA) to run ads on Google’s platform, the tech giant said in a recent announcement.

In addition to holding a FINMA license, these advertisers must adhere to other local legal requirements. The change emphasizes the need for cryptocurrency businesses to meet stringent regulatory standards to maintain their advertising presence.

EXPLORE: Bitcoin Ad Networks Reviews and Comparison

Google to Allow Ads for Hardware Wallets

As part of the new update, Google will now allow ads for hardware wallets, devices that store private keys for cryptocurrencies, and other digital assets. However, these products are strictly limited to storage functions and cannot facilitate the buying, selling, or trading of assets.

Switzerland is a major hub for the cryptocurrency industry, making compliance with Google’s updated policies essential for advertisers who want to continue operating in this market.

To advertise cryptocurrency-related products in Switzerland, companies must obtain certification from Google. The certification process ensures that advertisers meet both Google’s standards and local regulatory requirements.

Although this policy update is specific to Switzerland, it reflects Google’s broader commitment to ensuring compliance with local laws across all markets where financial products are promoted.

Google plans to enforce the new policy by issuing warnings first, followed by a seven-day grace period before any potential account suspensions. Advertisers are encouraged to review their compliance status to avoid any interruptions in their advertising campaigns.

EXPLORE: A simple practical guide to Google Adwords

Google’s Stance Toward Crypto Ads

In 2018, Google implemented a broad ban on all crypto-related ads due to concerns over scams and fraudulent activities. However, as the cryptocurrency market matured and regulatory frameworks became more robust, Google gradually relaxed these restrictions.

By 2021, Google had already started allowing ads for certain cryptocurrency exchanges and wallets, but only in select regions like the U.S. and Japan.

Advertisers who wish to promote cryptocurrency exchanges or wallet services on Google must now be registered as Money Services Businesses with the Financial Crimes Enforcement Network (FinCEN) or be licensed as a federal or state-chartered bank entity.

Additionally, these ads must comply with all relevant legal requirements and adhere to Google’s broader advertising policies, including stringent guidelines on landing pages.

Notably, while Google has opened the door to more crypto-related advertisements, it still bans ads for initial coin offerings (ICOs), DeFi trading protocols, and unregulated decentralized applications (DApps).

EXPLORE: Google Reverses Crypto Ads Ban | This Week in Crypto

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer Icon
Disclaimer
Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.

Free Bitcoin Crash Course

  • Enjoyed by over 100,000 students.
  • One email a day, 7 days in a row.
  • Short and educational, guaranteed!

Why you can trust 99Bitcoins

10+ Years

Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.

90hr+

Weekly Research

100k+

Monthly readers

50+

Expert contributors

2000+

Crypto Projects Reviewed

Google News Icon
Follow 99Bitcoins on your Google News Feed
Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now!
Subscribe now
Ruholamin Haqshanas
Ruholamin Haqshanas
Crypto Journalist

Ruholamin Haqshanas is an accomplished crypto and finance journalist with over three years of experience. He has been featured in various high-profile outlets, including Cryptonews.com, Investing.com, 24/7 Wall St, and Business2Community. Read More

Back to top