Ethical Hacking News
Google has implemented new cryptocurrency license requirements for developers in 15 jurisdictions, aiming to ensure a safe and compliant ecosystem for users while preventing further cryptocurrency scams. The move applies to markets such as Bahrain, Canada, Hong Kong, Indonesia, Israel, Japan, the Philippines, South Africa, South Korea, Switzerland, Thailand, the United Arab Emirates, the United Kingdom, the United States, and the European Union.
Google announces new cryptocurrency license requirements for 15 jurisdictions to ensure a safe and compliant ecosystem. The policy applies to markets such as Bahrain, Canada, Hong Kong, Indonesia, Israel, Japan, and others. Developers of cryptocurrency exchanges and wallets must obtain licenses or be registered with relevant authorities. Google urges developers to declare their apps as cryptocurrency exchanges and software wallets. Failure to comply may result in removal from targeting countries/regions to prevent scams.
The recent announcement by Google to implement new cryptocurrency license requirements for developers in 15 jurisdictions has sent shockwaves throughout the cryptocurrency industry. The move, which aims to ensure a safe and compliant ecosystem for users, is expected to have significant implications for developers, regulatory bodies, and law enforcement agencies.
According to Google, the policy applies to markets such as Bahrain, Canada, Hong Kong, Indonesia, Israel, Japan, the Philippines, South Africa, South Korea, Switzerland, Thailand, the United Arab Emirates, the United Kingdom, the United States, and the European Union. The changes do not apply to non-custodial wallets.
To comply with the new requirements, developers of cryptocurrency exchanges and wallets must obtain appropriate licenses or be registered with relevant authorities such as the Financial Conduct Authority (FCA) or Financial Crimes Enforcement Network (FinCEN), or authorized as a crypto-asset service provider (CASP) under the Markets in Crypto-Assets (MiCA) regulation before distribution.
Google has also made it clear that developers have a responsibility to declare their app as a cryptocurrency exchange and/or software wallet in the Financial Features Declaration. Furthermore, the company may request additional information regarding compliance in jurisdictions not covered by the aforementioned list.
Developers who fail to meet these requirements are being urged to remove their apps from targeting countries/regions. This move is aimed at preventing potential scams and ensuring that users receive a safe and secure experience.
The announcement comes as a warning from the U.S. Federal Bureau of Investigation (FBI) about cryptocurrency scams in which companies falsely claim to help victims recover their stolen funds. These scammers often pose as lawyers representing fictitious law firms, approaching scam victims on social media and other messaging platforms to assist with fund recovery, only to dupe them a second time under the pretext of receiving their information from the FBI, Consumer Financial Protection Bureau (CFPB), or other government agency.
In recent times, cryptocurrency scam victims have reported losses totaling over $9.9 million between February 2023 and February 2024. The FBI has listed potential red flags that users should look out for to identify potential scams, including fictitious law firms claiming to assist with fund recovery, asking for personal or financial information, or representing themselves as affiliated with government agencies.
The implementation of these new license requirements is a significant step towards protecting users and preventing further cryptocurrency scams. By promoting transparency and accountability among developers, regulatory bodies, and law enforcement agencies, Google aims to create a more secure and compliant ecosystem for cryptocurrency users worldwide.
Related Information:
https://www.ethicalhackingnews.com/articles/Google-Implements-New-Cryptocurrency-License-Requirements-for-Developers-ehn.shtml
https://thehackernews.com/2025/08/google-requires-crypto-app-licenses-in.html
Published: Thu Aug 14 03:20:44 2025 by llama3.2 3B Q4_K_M
