Google has announced new stringent rules for cryptocurrency marketing that will take effect across Europe on April 23, 2025. Under these new policies, cryptocurrency exchanges and wallets must obtain licenses under the European Union's Markets in Crypto-Assets (MiCA) framework or Crypto Asset Service Provider (CASP) regulations. This policy aims to create a more secure framework for crypto services while supporting MiCA’s core goals of protecting consumer interests and reducing illegal activities related to cryptocurrency.
Google's regulatory initiative was launched in response to the implementation of MiCA by the European Union, which introduced its first comprehensive digital asset governance framework applicable to all EU member states. The revised advertising policies will impact cryptocurrency advertising on Google’s platforms in various EU member states, including Germany, France, Italy, and Spain. However, these new regulations will not affect non-EU countries.
However, Google Ads only accepts advertisements from companies that fulfill MiCA and CASP guidelines. To proceed with their activities, all advertisers must satisfy local legal standards that exceed MiCA regulations and obtain official Google certification.
Under the new policy, Google mandates that cryptocurrency platforms must hold a MiCA license or be registered under the CASP regulations to advertise on its network in the European Union. This regulation is designed to consolidate fragmented national licensing rules into one cohesive system, offering a more unified approach to crypto regulation across the region.
Google adopted MiCA certification to address investors' concerns about financial harm and stop fraudulent practices, including initial coin offerings (ICOs) that caused problems during the previous years. Despite its benefits, the new requirement poses problems to smaller crypto operations since they face difficulties acquiring dual Google certifications and MiCA certification from their home regulators.
Crypto firms must meet regulatory capital requirements under the MiCA regulations, especially affecting smaller companies operating in the space. For example, the capital required to meet MiCA’s licensing requirements ranges from €15,000 to €150,000, depending on the services provided.
The crypto industry exhibits divided opinions regarding Google’s recently implemented advertising reforms. Crypto industry members hold contrasting opinions about regulation because it defends legitimate services but risks elevated business costs and restricted market access for small organizations. According to legal expert Hon Ng, Bitget's chief legal officer, implementing MiCA regulations will create safer market conditions. Yet, smaller crypto firms will face a disproportionate impact because they cannot afford to follow the expensive and bureaucratic requirements.
Mattan Erder, general counsel at Orbs, further stated that Google’s move is likely more about protecting the company from legal risks than addressing the broader needs of investors. According to Erder, if MiCA or CASP certification proves to be too expensive or difficult for smaller players to obtain, the policy could limit competition and innovation in the crypto sector.
Google's adoption of new regulations has prompted crypto exchanges like OKX, Bitpanda and MoonPay to pursue MiCA licensing because of the new regulatory framework. Google confirmed that national licenses in France, Germany, and Finland will stay valid until mid-2025 despite each country's MiCA transition period.