Google to Require Government Authorization to Provide Advertising Services for Financial Products in Spain – Google, the software and web search giant, will begin taking steps in Spain to combat potential financial fraud via the company’s advertising platform. Google has announced that customers who want to advertise financial products will be required to obtain government authorization from the Spanish securities regulator (CMNV) or the Bank of Spain, the country’s central bank.
Furthermore, Google will require these companies to complete its advertising verification program, which is set to begin this month. The implementation of the other new measures is scheduled to begin in January 2023. Google stated the following about the new requirements that will be implemented on Spanish soil: “Our goal is to create a new layer of security against fraud, which will further improve the protection of our network against financial fraud.”
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Also, Google stated that this new policy will contribute to “guarantee a safe, healthy and sustainable advertising ecosystem.” Spain is among a group of countries testing these restrictions in order to gain access to the company’s advertising platform. The first of its kind was implemented in the United Kingdom in 2021, and it is said to have yielded positive results. Similarly, in order to publicize financial products, advertisers must first obtain approval from the Financial Conduct Authority.
According to Google, this has resulted in a significant drop in reports of ads promoting financial scam projects. Spain will be one of the countries to implement these restrictions, and the company expects to take the same approach in additional countries in the coming months. When it comes to cryptocurrency product advertising, the CNMV has been vigilant, requiring notification from any of these campaigns targeting more than 100,000 people at least 10 days before launch.
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Google to Require Government Authorization to Provide Advertising Services for Financial Products in Spain – Influencers with more than 100,000 social media followers who participate in such cryptocurrency advertising campaigns must also notify regulators of their plans and explain the risks of the investments being advertised to their followers.
