Source: Cointelegraph Original: "{title}"

Google has announced in its recent policy update that it will begin implementing stricter advertising policies for cryptocurrency services in Europe under the framework of the Markets in Crypto-Assets Regulation (MiCA).

According to legal advisors, this move could be a double-edged sword. On one hand, it helps to prevent fraud related to Initial Coin Offerings (ICOs); on the other hand, it may lead to further enforcement loopholes.

Starting from April 23, institutions advertising cryptocurrency exchanges and crypto wallets in Europe must obtain a license under the European MiCA framework or the Crypto Asset Service Provider (CASP) regulatory framework.

According to Google's policy announcement released on March 24, cryptocurrency advertisers on its platform must also comply with "local legal requirements," including "national-level restrictions or regulations beyond the scope of MiCA," and must "be certified by Google."

The new advertising policy applies to most European countries, such as Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.

Google's policy update states that violations of the policy will not directly lead to account suspension, but a warning notice will be sent at least seven days in advance before any suspension occurs.

This policy adjustment comes just ahead of the implementation of the MiCA framework in December 2024, which provides the first comprehensive regulatory system for digital assets across the EU.

Bitget's Chief Legal Officer, Hon Ng, believes that Google's new cryptocurrency advertising requirements are a double-edged sword for crypto regulation.

"On one hand, they enhance investor protection by filtering out unregulated participants," he explained to Cointelegraph.

"The strict anti-money laundering/counter-terrorism financing (AML/CFT) and transparency requirements of the MiCA framework create a safer ecosystem, reducing the ICO fraud incidents that plagued the industry before 2023," Ng added.

However, Ng warned that without flexible implementation, the policy could be "too strict." Due to varying national licensing transition periods, this could lead to "temporary enforcement loopholes" and pose greater challenges in terms of compliance costs. Ng further pointed out:

"Small exchanges may struggle to meet MiCA's capital requirements (€15,000 to €150,000) or dual certification (Google and local regulators). While these measures are generally beneficial for trust, flexibility is needed to avoid stifling innovation."

Other industry observers believe that this policy change is not a fundamental transformation, whether for Google or investor protection.

Mattan Erder, legal counsel for the three-layer decentralized blockchain network Orbs, stated that this update is more about "protecting Google from liability rather than protecting investors themselves."

"The impact of Google's policy change is actually a downstream effect of these regulations themselves. If MiCA or CASP registration proves to be cumbersome, expensive, and only accessible to large enterprises, then small businesses will face significant challenges competing in these jurisdictions," Erder revealed to Cointelegraph.

Related: Scotland's Lomond School Accepts Bitcoin (BTC) Payments for Tuition, Becoming the First in the UK

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