Google said it is implementing a new policy that requires cryptocurrency exchanges and wallet developers to obtain government licenses before publishing apps in 15 jurisdictions.
This policy applies to markets such as Bahrain, Canada, Hong Kong, Indonesia, Israel, Japan, the Philippines, South Africa, South Korea, Switzerland, Thailand, the United Arab Emirates, the UK, the US, and the European Union. The changes do not apply to unjust wallets.
This means that the developer’s publisher’s cryptocurrency exchanges and wallet apps have a proper license, or are registered with relevant authorities such as the Financial Conduct Authority (FCA) or Financial Crime Enforcement Network (FINCEN), or are approved as crypto asset service providers (CASPs) in the market for cryptographic (MICA) distribution (MICA) regulated.
“If the target location is not on the list, we can continue to publish cryptocurrency exchanges and software wallets. However, due to the rapidly evolving regulatory environment around the world, developers are expected to obtain additional licensing requirements per local law,” Tech Giant said.
Google said in the content section of the app, developers must declare that the app is a cryptocurrency exchange and/or software wallet in declaring financial features. Additionally, the company said it could require developers to provide detailed information on compliance in certain jurisdictions that are not covered by the above list.
Developers who do not have the required registration or license information in a particular location are encouraged to remove the app from those countries/regions.
The disclosure comes when the US Federal Bureau of Investigation (FBI) issues the latest warning of cryptocurrency fraud, claiming that businesses are falsely claiming that they will help victims recover stolen funds and further fraud.
The fraudster is a lawyer representing a fictitious law firm, and tricks a second du under the pretext of receiving information from the FBI, Consumer Financial Protection Bureau (CFPB), or other government agencies by approaching victims of fraud on social media and other messaging platforms.
“Between February 2023 and February 2024, victims of cryptocurrency fraud, further exploited by fictitious law firms, reported losses totaling more than $9.9 million,” the FBI said in a warning last June.
The FBI has also listed many potential red flags that users recommend asking to show potential scams –
The resistance of a government agency or actual lawyer refers to fictitious government or regulatory agencies that require payments with cryptocurrency or prepaid gift cards (the US government does not require payments for law enforcement services provided) and to have knowledge of the exact amount and date of previous wire transfers, and to have third party companies that have sacrificed the victims who have said that the victims’ funds are in an account held by a foreign bank and instruct that the bank to register an account that places the accounts in group chats in WhatsApp or other messaging applications.
“If you’re not reporting crimes to law enforcement or civil protection agencies, beware of law firms that unexpectedly contact you,” the FBI said, urging citizens to exercise due diligence and adopt a zero trust model.
“Please request a video verification or document or a photo of your legal license. Please request employment verification from anyone who claims to work for the US government or law enforcement.”
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