Google Mandates Crypto App Licensing in 15 Regions Amid FBI Alert on $9.9 Million Scam Losses

Google has announced a new policy mandating that developers of cryptocurrency exchanges and wallets obtain government licenses before publishing their apps in 15 jurisdictions. This initiative aims to “ensure a safe and compliant ecosystem for users.” The policy affects markets including 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. Notably, the changes do not apply to non-custodial wallets. Developers must hold appropriate licences or be registered with relevant authorities such as the Financial Conduct Authority (FCA) or the Financial Crimes Enforcement Network (FinCEN), or be authorised as a Crypto-Asset Service Provider (CASP) under the Markets in Crypto-Assets (MiCA) regulation prior to distribution.

In addition, Google requires developers to declare their app’s status as a cryptocurrency exchange and/or software wallet in the Financial Features Declaration. The company may also request further compliance information for jurisdictions not listed. Developers lacking the necessary registration or licensing for specific locations are urged to remove their apps from those targeted regions. This announcement coincides with a warning from the U.S. Federal Bureau of Investigation (FBI) regarding cryptocurrency scams, where fraudsters impersonate lawyers from fictitious law firms to exploit victims further. Between February 2023 and February 2024, victims reported losses exceeding $9.9 million due to such scams. The FBI has advised users to be vigilant for red flags, including impersonation of government entities, requests for payment in cryptocurrency, and knowledge of specific wire transfer details. 

Categories: Regulatory Compliance, Cryptocurrency Scams, Developer Requirements 

Tags: Cryptocurrency, Exchanges, Wallets, Licensing, Compliance, Regulation, Scams, Fraud, Developers, App Content