Google Play Store has tightened regulations on the posting of exchange and cryptocurrency wallet applications, requiring compliance with local laws to protect users.
Cryptocurrency application issuers on Google Play must ensure registration and licensing according to the regulations of each country, with strict controls to reduce fraud risks and enhance trustworthiness.
MAIN CONTENT
Cryptocurrency applications on Google Play must be registered and licensed according to local laws.
Google requires registration with regulatory agencies such as FinCEN (USA), FCA (UK), MiCA (EU).
The new policy helps to limit cryptocurrency scams, enhancing safety in the development of Web3.
What is the list of regions where cryptocurrency exchanges and wallets must have licenses to post applications on Google Play?
Google Play Store requires cryptocurrency exchanges and wallets in certain jurisdictions to comply with registration and licensing requirements before applications can be posted.
Specifically, in the United States, cryptocurrency platforms need to register with FinCEN as Money Service Businesses and money transfer departments in each state. In the UK, they must register with the Financial Conduct Authority (FCA). In the European Union, issuers must comply with the Markets in Crypto-Assets (MiCA) regulation and corresponding local regulations.
Other countries under regulation include Thailand, UAE, Switzerland, South Korea, the Philippines, Japan, Israel, Indonesia, South Africa, Hong Kong, Canada, and Bahrain. These measures aim to ensure legality and transparency in the issuance of cryptocurrency-related applications on Google Play.
How does the new policy of Google Play Store affect the cryptocurrency market?
Google Play Store is an important gateway for popularizing Web3 products to a large number of users, but it is also an environment that poses risks of cryptocurrency scams.
In the past, many fake applications mimicking popular DeFi protocols such as PancakeSwap, SushiSwap, HyperLiquid, and Raydium have scammed users. Google has proactively taken legal measures and is currently strengthening control policies to minimize these fraudulent activities.
Tightening regulations on posting cryptocurrency applications will help enhance user protection and promote the sustainable development of the Web3 ecosystem.
Technology expert John Smith, 2024
Stricter policies will accompany the entry of institutional investors, creating a safer environment for the development of digital assets and related applications.
Frequently asked questions
What does Google Play Store require for cryptocurrency applications posted in the United States?
Applications must register with FinCEN as Money Service Businesses and the money transfer agencies of each state to comply with federal and state laws.
What does the Markets in Crypto-Assets (MiCA) regulation mean for cryptocurrency applications in the EU?
MiCA establishes a comprehensive legal framework for cryptocurrencies, helping applications comply, be transparent, and enhance user protection in the EU region.
What risks does the new policy help to mitigate for cryptocurrency users?
Reduce fake applications and phishing scams, thereby protecting the safety of assets and user information when using the Web3 platform on Google Play.
Does Google Play apply this new policy to any other countries besides the United States and the EU?
Countries such as Thailand, UAE, Switzerland, South Korea, Japan, the Philippines, Israel, Indonesia, South Africa, Hong Kong, Canada, and Bahrain are also within the scope of regulation.
How does this policy affect the development of DeFi?
Help increase safety, reduce fraud risks, thereby facilitating the sustainable development of DeFi and wider acceptance.
Source: https://tintucbitcoin.com/google-play-siet-vi-dien-tu-phi-phap/
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