Google recently announced a new policy that requires developers of cryptocurrency exchanges and wallets to obtain government licenses before publishing apps in 15 jurisdictions. The goal is to create a safe and compliant ecosystem for users. The policy applies to markets such as Bahrain, Canada, Japan, and the United States, among others. Non-custodial wallets are exempt from this requirement.
Developers publishing cryptocurrency exchange and wallet apps must hold appropriate licenses or be registered with relevant authorities like the Financial Conduct Authority or the Financial Crimes Enforcement Network. They may also need to be authorized as a crypto-asset service provider under certain regulations. Google stated that developers targeting locations not on the list should still be aware of local laws and obtain any necessary licensure.
As part of the new policy, developers must declare in the App Content section if their app is a cryptocurrency exchange or software wallet. Google may request additional information regarding compliance in jurisdictions not covered in the initial list. Developers without the required registration or licensing information for specific locations are encouraged to remove their apps from those regions.
The announcement coincides with a warning from the FBI about cryptocurrency scams. Fraudsters have been posing as lawyers representing fake law firms to further defraud victims who have already fallen for scams. The FBI advised users to be cautious of unexpected contacts from law firms and to verify credentials and licenses before engaging with them. It also urged citizens to exercise due diligence and adopt a zero-trust model when dealing with potential scams.
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