Google said it is implementing a new policy, which requires cryptocurrency exchanges and wallet developers to obtain a government license before publishing the app in 15 courts, to ensure a safe and obedient ecosystem for users. “
The policy applies to markets such as Bahrain, Canada, Hong Kong, Indonesia, Israel, Japan, Philippines, South Africa, South Korea, Switzerland, Thailand, United Arab Emirates, United Kingdom, United States and European Union. Changes do not apply to non-custodial wallets.
This means that developers who publish the Cryptocurrency Exchange and Wallet App will have to conduct a proper license or to be registered with relevant authorities like Financial Conduct Authority (FCA) or Financial Crime Enforcement Network (Finken), or Crito-Ackets (MICA) to be registered with relevant authorities, or Crito-Acrites (MICA) To authorize as the provider (CAPP).
“If your targeted location is not in the list, you can continue publishing the cryptocurrency exchanges and software wallets. However, due to the rapidly developed regulatory landscape worldwide, the developers are expected to receive any additional license requirements according to local laws,” said the legend.
Google said that developers will have to announce under the app content section that their app is a cryptocurrency exchange and/or software wallet which is in the announcement of financial features. In addition, the company said that it could request the developers to provide more information about their compliance in a given jurisdiction which is not included in the list above.
Developers who do not have the necessary registration or licensing information for some places are being urged to extract apps from those targeted countries/regions.
The disclosure comes as the US Federal Bureau of Investigation (FBI), which issued an updated warning of cryptocurrency scams, in which companies falsely claims to help the victims to cure their theft funds to cure their theft funds.
The fraudsters have been presented as lawyers representing fictional law firms, for assisting funds in fund recovery to reach the scam victims on social media and other messaging platforms, only to damp them for another time to get their information from FBI, Consumer Financial Bureau (CFPB), or other government agency.
The FBI said in a warning in June last June, “Between February 2023 and February 2024, the Cryptocurrency scam victims who were further exploited by the fictional law firms reported a loss of more than $ 9.9 million.”
The FBI also listed several potential red flags, which are advised to users that it may indicate a possible scam –
- Immunity of government institutions or real lawyers
- References of fictional government or regulatory bodies
- Requesting payment in cryptocurrency or prepaid gift card (US government does not request payment for law enforcement services)
- Knowledge of the exact amount and dates of previous wire transfer and third-party company where the victim had sent scammed funds first
- The victim was stated in the list related to the government of scam victims
- Referring to the victims “Crypto Recovery Law Firm”
- The funds of the victims have been asked in an account organized in a foreign bank and is instructing them to register an account in that bank.
- For alleged customer safety, keeping victims in a group chat on WhatsApp, or other messaging applications
- Those who request the victims send payment to a third-party trading company to maintain privacy and security
- Credentials or licenses
The FBI said, “Be cautious to contact the law firms unexpectedly, especially if you have not reported the crime to any law enforcement or civil security agencies,” the FBI said, urged citizens to practice diligence payable and adopt zero-trust models.
“Request a picture of video verification or documentation or their law license. Request the verification of employment for the US government or any person claiming to work for law enforcement.”
