Aug 14, 2025Ravie LakshmananCryptocurrency / Monetary Crime
Google mentioned it is implementing a brand new coverage requiring builders of cryptocurrency exchanges and wallets to acquire authorities licenses earlier than publishing apps in 15 jurisdictions so as to “guarantee a secure and compliant ecosystem for customers.”
The coverage applies to markets like Bahrain, Canada, Hong Kong, Indonesia, Israel, Japan, the Philippines, South Africa, South Korea, Switzerland, Thailand, the United Arab Emirates, the UK, the US, and the European Union. The adjustments don’t apply to non-custodial wallets.
This implies builders publishing cryptocurrency alternate and pockets apps have to carry applicable licences or be registered with related authorities just like the Monetary Conduct Authority (FCA) or Monetary Crimes Enforcement Community (FinCEN), or licensed as a crypto-asset service supplier (CASP) beneath the Markets in Crypto-Property (MiCA) regulation earlier than distribution.
“In case your focused location will not be on the record, it’s possible you’ll proceed to publish cryptocurrency exchanges and software program wallets. Nonetheless, as a result of quickly evolving regulatory panorama worldwide, builders are anticipated to acquire any extra licensure necessities per native legal guidelines,” the tech big mentioned.
Google famous that builders must declare beneath the App Content material part that their app is a cryptocurrency alternate and/or software program pockets within the Monetary Options Declaration. As well as, the corporate mentioned it might request builders to supply extra data relating to their compliance in a given jurisdiction that is not lined within the aforementioned record.
Builders who haven’t got the required registration or licensing data for sure areas are being urged to take away the apps from these concentrating on international locations/areas.
The disclosure comes because the U.S. Federal Bureau of Investigation (FBI) issued an up to date alert warning of cryptocurrency scams through which corporations falsely declare to assist victims get better their stolen funds to additional defraud them.
Fraudsters have been noticed posing as attorneys representing fictitious legislation companies, approaching rip-off victims on social media and different messaging platforms to help with fund restoration, solely to dupe them a second time beneath the pretext of receiving their data from the FBI, Client Monetary Safety Bureau (CFPB), or different authorities company.
“Between February 2023 and February 2024, cryptocurrency rip-off victims who have been additional exploited by fictitious legislation companies reported losses totaling over $9.9 million,” the FBI mentioned in an alert final June.
The FBI additionally listed quite a few potential pink flags that customers are suggested to search for that might point out a possible rip-off –
Impersonation of presidency entities or precise attorneys
References to fictitious authorities or regulatory entities
Requesting fee in cryptocurrency or pay as you go present playing cards (the U.S. authorities doesn’t request fee for legislation enforcement companies offered)
Having information of the precise quantities and dates of earlier wire transfers and the third-party firm the place the sufferer beforehand despatched scammed funds
Stating the sufferer was on a government-affiliated record of rip-off victims
Referring victims to a “crypto restoration legislation agency”
Stating the victims’ funds are in an account held at a international financial institution and instructing them to register an account at that financial institution
Inserting victims into a gaggle chat on WhatsApp, or different messaging functions, for supposed consumer security
Requesting victims ship fee to a third-party buying and selling firm for sustaining secrecy and security
Incapacity to supply credentials or a license
“Be cautious of legislation companies contacting you unexpectedly, particularly in case you have not reported the crime to any legislation enforcement or civil safety companies,” the FBI mentioned, urging residents to train due diligence and undertake a zero-trust mannequin.
“Request video verification or documentation or a photograph of their legislation license. Request verification of employment for anybody claiming to work for the US Authorities or legislation enforcement.”
