Since the end of last year, European crypto legislation, better known as Markets in Crypto-Assets (Mica), has come into force. As a result, crypto exchanges and companies with crypto services must meet strict requirements that are intended to protect citizens in the world part. Google is now also implementing the new legislation in its politics.
Google implements European legislation in its own policy
Away April 23rd the company will adapt its advertising guidelines to the new European legislation behind the most famous search engine in the world. Crypto exchanges And crypto wallets that want to switch on the company then have to meet both European legislation as well as local legislation and Google’s requirements. European legislation means Mica or Crypto Asset Service Provider (CASP).
The providers from almost all European countries are confronted with new politics. However, Google stated that there is no immediate problem if you do not meet. In this case, the company will first pronounce a warning in which the customer gets 7 days in order to still meet the conditions.
Not just advantages in this enforcement decision
Experts understand the company’s decision, but also see a downside. The Chief Legal Officer of the crypto exchange bitget, Hon ngOn the one hand, sees that users of the platform are better protected from fraudsters who advertise with false crypto projects. But on the other hand, the enforcement can also go at the expense of flexibility in the implementation of the new law. Different implementation periods apply in different countries. In addition, enforcement due to the differences per country can become a significant cost factor.
Smaller crypto exchanges will also have more trouble competing against the large trading platforms. Mica provides conditions to the available capital of 15,000 euros to sometimes 150,000 euros. In addition, the bureaucratic hurdle at Google and local authorities can slow down the growth of these companies.
Not everyone thinks that Google only carried out these measures in the interest of the customer. Mattan Erder, active for the Layer-3 decentralized Blockchain Orbs, expects Google above all to secure itself against financial claims from customers who have landed on their advertisements for fraud.