- Google now requires crypto exchange and wallet app developers to hold government licenses before publishing in 15 regions.
- The new policy targets locations including the United States, European Union, United Kingdom, Japan, South Korea, and more.
- Only custodial crypto apps are affected; non-custodial wallets are excluded from this rule.
- Unlicensed developers must remove their apps from specified countries or risk removal by Google.
- The FBI warns about scams targeting crypto victims with false recovery offers, leading to losses of nearly $10 million.
Google has announced a new requirement for developers of cryptocurrency exchange and wallet apps, mandating proof of government licensing before these apps can be distributed in 15 specific jurisdictions. The policy aims to create a safer and more compliant environment for users, according to the company. The regions affected include Bahrain, Canada, Hong Kong, Indonesia, Israel, Japan, the Philippines, South Africa, South Korea, Switzerland, Thailand, the United Arab Emirates, the United Kingdom, the United States, and the European Union.
Under the new guidelines, developers must provide documentation showing registration or licenses from relevant authorities, such as the Financial Conduct Authority (FCA), the Financial Crimes Enforcement Network (FinCEN), or authorization under the Markets in Crypto-Assets (MiCA) regulation. Google confirmed that non-custodial wallet apps are not subject to these changes, but custodial services must comply.
The policy update means that if a developer cannot show proper registration or licensing for a particular location, they must either obtain the credentials or remove their app from that market. “If your targeted location is not on the list, you may continue to publish cryptocurrency exchanges and software wallets. However, due to the rapidly evolving regulatory landscape worldwide, developers are expected to obtain any additional licensure requirements per local laws,” Google stated in an official notice, which can be found here.
Developers are also required to clearly declare their apps as cryptocurrency exchanges or wallets in the App Content section and may be asked for additional compliance details for regions outside the specified countries.
In related news, the U.S. Federal Bureau of Investigation (FBI) issued an updated alert about rising cryptocurrency scams. The agency reported that from February 2023 to February 2024, victims of previous crypto scams lost over $9.9 million through schemes where fraudsters, posing as law firms or government officials, promised to recover stolen funds but instead carried out further fraud. The FBI’s alert warns of several red flags, including impersonation of officials, requests for crypto payments, and referencing fake regulatory bodies.
The FBI advises caution with unsolicited recovery offers. It recommends asking for video or license proof from anyone claiming to represent the government or law enforcement and verifying all credentials, as detailed in their advisory.
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