Google has introduced updates to its Play Store cryptocurrency exchange and public application policies for its software wallets, requiring regulatory licenses and compliance in multiple countries. After the initial misunderstanding, Google Play said Self-ocustodycian wallets are exempt of the new limit guidelines in your policy.
According to the report, the purpose of these measures is to “ensure safety and according to users.”
At first, Google Reports generated many questions, By believing that there is a wallet for autocastodiasis Bitcoin Cryptocurrency is affectedThe company later revealed that “unguarded wallets are beyond the scope of exchanges between cryptocurrency and software wallets.”
What are the guidelines for Bitcoin and Cryptocurrency Wallets?
According to Google Statement, you will need a cryptocurrency exchange and a software wallet (with guard) Meet a set of “guidelines” It will be published and distributed to you shop.
These include strict compliance with local laws, obtaining specific licenses by country or region, and mandatory statements in the Financial Characteristics section within the Google Play console.
Because its console is an online platform provided by Google, Android application developers manage, publish, and monetize applications on the Google Play Store.
Some of the measures that should be met by the exchange and wallet are:
- Decide the nature of the application (cryptocurrency exchange or wallet) and complete the form according to its geographical location.
- Obtain the approvals and licenses required by local governments to ensure compliance with the law.
for example:
Registration with Finnn in the US as Money Services Business and as a state money transmitter or as a federal/state banking company.
The European Union includes approval as a supplier of Cryptoactive Services (CASP) under MICA regulations (here, Spain, Portugal, Italy, France, etc.) by competent national authorities.
In Canada, he has registered with Fentrac (Canafe) as a financial services business.
In Japan, we register as a supplier of crypto exchange services with financial services institutions.
Google Play does not require licenses and registrations for Exchange or Wallet services, and if there is no license and registration required, then the developer will be able to You must exclude the location of your app distribution.
Finally, the report clarifies:
“If the target location is not on the list, we can continue to exchange cryptocurrency and software wallets. However, due to the rapidly evolving regulatory panorama around the world, developers are expected to obtain additional licensing requirements in accordance with local laws.
Google Play Policy Statement.
Politics includes more countries such as the UK and South Korea (Not to mention Latin American countries. Similar requirements focus on financial regulations to prevent risk.
