Today in crypto, Google says UK advertisers wanting to promote crypto exchanges in the country must register with the FCA. Tether has announced a $775 million strategic investment with video-sharing platform Rumble, and a publicly traded company headquartered in Canada has invested in Bitcoin (BTC) and other cryptocurrencies.
Google to require FCA registration for crypto ads targeting the UK
Google advertisements promoting digital asset exchanges and wallets in the United Kingdom must register with the country’s financial services regulator when a new Google policy update takes effect in January 2025.
The search engine company said that starting on Jan. 15, 2025, advertisers offering crypto exchange products and services in the UK will be allowed to advertise if they meet certain requirements.
For crypto exchanges and software wallets, Google said it would allow ads to promote these products if they are registered with the Financial Conduct Authority (FCA).
Google also announced that it will permit ads for hardware wallets designed to store private keys for cryptocurrencies, non-fungible tokens (NFTs), or other digital assets, as long as they do not provide additional services such as buying, selling, or trading.
While Google Ads did not specify any further requirements for these hardware wallets, the company expects advertisers to comply with local regulations. Google wrote:
“As a reminder, we expect all advertisers to comply with the local laws for any area that their ads target. This policy will apply globally to all accounts that advertise these financial products.”
This means that advertisers wanting to show crypto-related ads on Google must look into the local regulations of the jurisdictions they want their ads to appear and meet the requirements set by the financial regulators in those areas.
Tether pours $775 million into video-sharing platform Rumble
Tether, the issuer of the world’s largest stablecoin by market cap, has invested $775 million into Rumble, an alternative platform to YouTube known for not censoring content.
“Tether deeply believes in the fundamental values of freedom of speech and financial freedom,” Tether CEO Paolo Ardonio said in a Dec. 20 X post.
“Our strategic investment in Rumble greatly underscores Tether’s focus in supporting technology and companies that empower humans, delivering independence and resilience to our society,” Ardonio said.
Ardonio said he was optimistic about what Rumble CEO Chris Pavlovski and his team have built and looks forward to collaborating on a “shared vision.” Tether and Rumble plan to collaborate on an advertising, cloud, and crypto payments solution relationship.
Echoing a similar sentiment, Pavlovski said in a Dec. 20 X post that he has never been more excited for the future and intends to keep pushing against the world’s largest video-sharing platform, YouTube:
“YouTube, lookout. I’m coming for your monopolistic market share globally.”
Biopharma company invests in Bitcoin, other tokens
Canadian biopharmaceutical company Quantum BioPharma (QNTM) has added Bitcoin and other cryptocurrencies to its balance sheet.
According to the Dec. 20 announcement, Quantum BioPharma purchased $1 million worth of BTC and other undisclosed cryptocurrencies.
“The company is now set up to receive financing in cryptocurrencies as well as executing other types of transactions in cryptocurrencies,” Quantum said in a statement.
QNTM stock experiences heavy volatility on Dec. 20. Source: Yahoo Finance
Investors didn’t take too kindly to the news, as QNTM stock plunged more than 13% on Dec. 20. However, QNTM is a nanocap stock, which means it’s prone to volatility. Its market cap currently sits at around $6 million.
Public and private companies have sought exposure to Bitcoin as a treasury strategy to offset the effects of inflation. In November, e-commerce firm Jive Technologies approved a plan to add up to $1 million in BTC to its balance sheet. The same month, video-sharing platform Rumble announced plans to add Bitcoin to its corporate treasury.
