In a similar vein, Nigeria's Securities and Exchange Commission has tightened regulations, requiring virtual asset service providers and social influencers to obtain permission before publishing crypto ads.

Starting January 15, 2024, Google will implement an updated global advertising policy that mandates all crypto advertisers to comply with local laws.

Recently, the FCA issued a warning regarding a Solana-based memecoin and NFT project called 'Retardio,' highlighting concerns over unauthorized promotions targeting UK customers.

These regulatory changes are part of a larger trend, with further adjustments to advertising policies on various platforms anticipated in the future.

Interestingly, advertisers of hardware wallets can promote their products without needing FCA registration, as long as these wallets only store private keys and do not facilitate trading or exchange services.

This exemption applies to hardware wallets for cryptocurrencies, NFTs, or other digital assets, provided they do not offer additional services like buying or selling.

Google's crypto advertising policy has evolved significantly since 2018, transitioning from a complete ban due to scams and market volatility to allowing ads from regulated entities in 2021.

Google emphasizes that all advertisers must adhere to local laws in the jurisdictions where their ads are displayed, applying this policy globally.

As part of this update, UK crypto advertisers must register with the Financial Conduct Authority (FCA) to promote their products on Google, a move aimed at enhancing user protection and reducing scams.

This updated policy reflects broader regulatory efforts to combat unauthorized crypto promotions and protect consumers in the cryptocurrency market.

The FCA has cautioned that consumers may not recover their funds if they engage with unregistered projects that subsequently go out of business.

On January 29, 2024, Google will also start allowing ads for 'Cryptocurrency Coin Trusts' following the SEC's approval of spot Bitcoin ETFs on January 10, 2024.