Google Play Store has announced stricter rules for crypto exchanges and wallets looking to publish on their platform in different jurisdictions. The new measures aim to ensure legal compliance and consumer protection in specific regions.
Crypto exchanges and wallets must now comply with local laws before being allowed to publish on the Google Play Store. However, in jurisdictions without specific regulations, they may still be able to publish their apps.
List of Regions Crypto Exchanges and Wallets Must Obtain a License to Publish on Google Play Store
Google Play Store has advised crypto exchanges and wallets in the United States to register with FinCEN as a Money Service Business and with states as a money transmitter. In the United Kingdom, registration with the Financial Conduct Authority (FCA) is required.
In the European Union, crypto exchanges and wallets must adhere to the Markets in Crypto-Assets (MiCA) regulations to publish on the Google Play Store. Additionally, compliance with local requirements is necessary for publishing in the European market.
Other countries affected by these new policies include Thailand, the United Arab Emirates, Switzerland, South Korea, the Philippines, Japan, Israel, Indonesia, South Africa, Hong Kong, Canada, and Bahrain.
What’s the Expected Market Impact
Google Play Store serves as a key platform for the mainstream adoption of web3 products. Despite this, the platform has also been a breeding ground for crypto phishing scams, with fraudulent apps impersonating popular DeFi protocols.
Google has previously taken steps to combat these scams, including legal action. The new policy regarding crypto apps is expected to help reduce phishing scams, especially as digital asset adoption continues to grow among institutional investors.