Radhika Parashar
- In the U.S. these crypto services will require a FinCEN registration
- In the EU countries, the developers of exchanges and wallets will need to be compliant with the MiCA guidelines
- Google has specified similar licencing mandates for other countries including Bahrain, Canada, Hong Kong
Google has released a set of country-specific guidelines for crypto exchanges and wallets looking to secure a spot on the Play Store. The move is aimed at establishing a “safe and compliant” crypto ecosystem for Android users, Google said in its post. Those apps that fail to adhere by Google’s directions face losing their places on the Android app marketplace.
Google Play has mentioned a number of regions where crypto exchanges and wallets can be published — only if they are compliant with local licensing norms.
“Due to the rapidly evolving regulatory landscape worldwide, developers are expected to obtain any additional licence requirements per local laws. Google Play may also request you to provide further information regarding your compliance,” the platform said.
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In the UAE, the guidelines said, developers have been asked to obtain licenses from Financial Services Regulatory Authority (FSRA), the Virtual Asset Regulatory Authority (VARA), and the Dubai Financial Services Authority (DFSA).
In the U.S. these crypto services will require a FinCEN registration that recognizes them as Money Services Businesses.
In the EU countries, the developers of these services will need to be compliant with the MiCA guidelines.
Google has specified similar licencing mandates for other countries including Bahrain, Canada, Hong Kong, Indonesia, Israel, Japan, Philippines, South Africa, South Korea, Switzerland, Thailand, and the U.K.
Google has directed developers to use the Financial Features Declaration in the App Content section to state that their apps are a licenced crypto exchange or a software wallet.
“If you don’t have the required registration or licensing information for certain locations, remove them from your app’s targeting countries/regions,” the announcement added.
The development comes at a time when multiple malicious crypto apps are being identified on the Google Play Store and the pressure on it to deploy effective quality check measures has risen.
Earlier in June, for instance, a report by the Cyble Research and Intelligence Labs (CRIL) had listed over 20 crypto phishing apps on the Play Store. Similarly in September 2024, Check Point Research (CPR) had uncovered a crypto wallet draining app called “MS Drainer” that was mimicking the WalletConenct platform.
