Google Play Store Cracks Down on Illegal Crypto Wallets and Exchanges
Google Play Store has established new tighter rules for publishing crypto exchanges and wallets in different jurisdictions. The massive app ecosystem unveiled the new measures for specific jurisdictions to facilitate legal compliance and consumer protection.
According to the announcement, crypto exchanges and wallets seeking to publish on the Google Play store must first comply with local laws. However, the Google Play Store will allow crypto exchanges and wallets to publish in jurisdictions without specific regulations.
List of Regions Crypto Exchanges and Wallets Must Obtain a License to Publish on Google Play Store
Google Play Store has urged crypto exchanges and wallets in the United States to register with FinCEN as a Money Service Business and with states as a money transmitter. The company has urged crypto exchanges and wallets in the United Kingdom to register with the Financial Conduct Authority (FCA).
In the European Union, Google Play Store expects crypto exchanges and wallets to be registered under the Markets in Crypto-Assets (MiCA) regulations. Additionally, the Google Play Store has urged the crypto exchanges and wallets in the European market to register with the respective local requirements to publish.
Other nations impacted by the Google Play store policy change 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 is a major gateway to mainstream adoption of web3 products. However, the platform has facilitated crypto phishing scams, whereby cybersecurity experts have reported applications impersonating popular DeFi protocols such as PancakeSwap, SushiSwap, HyperLiquid, and Raydium, among many others.
Google has taken several measures to curb the rampant scams in the past including legal action. The recent crypto app policy will play a crucial role in reducing phishing scams, especially amid the ongoing mainstream adoption of digital assets by institutional investors.