Web search and software monolith Google has announced that it will require approval from a government agency to lend advertising services to financial companies in Spain. The measure, which was also implemented in the UK in 2021, is expected to be expanded to more countries in the coming months.
Google to Require Government Authorization for Advertisers
Software and web search giant Google is launching measures to curb potential financial fraud using its advertising platform in Spain.18} announced that it will begin requiring customers who want to advertise to obtain a government authorization issued by the Spanish Securities Supervisory Agency (CMNV) or the country’s central bank, the Banco de España.
At the same time, Google will also require these companies to complete an ad verification program that is scheduled to begin this month. Application of the other new measures is scheduled to begin in January 2023. Regarding the purpose of the new requirements to be applied on Spanish soil, Google stated.
Our goal is to create a new layer of security against fraud and to further improve the protection of our network against financial fraud.
In addition, Google said the new policy will help “ensure a secure, healthy and sustainable advertising ecosystem.”
Previous Implementations and Extensions
Spain is part of a group of countries that are piloting these restrictions in order to gain access to its advertising platform. The first measure of this kind was applied in the UK in 2021 and is said to have yielded positive results. Similarly, in the United Kingdom, an FSA approval is required to advertise financial products; Google has stated that this has led to a “very noticeable reduction” in reports of advertisements that may be promoting financial fraud deals.
Spain is the second country where these restrictions are in place, and the company expects to take the same approach in more countries in the coming months. the CNMV has been aggressive regarding vigilance about the cryptocurrency products being advertised, from any of these campaigns targeting over 100,000 people. requiring at least 10 days’ notice prior to launch.
Influencers with more than 100,000 followers on social media involved in such cryptocurrency advertising campaigns are required to notify regulators of their plans and are responsible for explaining the risks of the investments being promoted to their followers.
Image credits: Shutterstock, Pixabay, Wiki Commons, Benny Marty / Shutterstock.com
