Google Updates Registration Criteria for Cryptocurrency Exchanges and Wallet Apps

Google has introduced an exception for licensing requirements in the registration criteria for cryptocurrency exchanges and wallet apps. Apps that do not require licensing under local laws can now be reported separately, and the scope of recognized business licenses in Hong Kong and the United Arab Emirates (UAE) has also been expanded. According to Google's developer policy document for Google Play on the 10th, the policies for digital asset exchanges and wallet apps were revised last October to include a new reporting category for licensing exceptions. Previously, apps had to meet the licensing requirements set by each country, but with this revision, apps that are legally exempt from licensing can apply for exceptions through a separate category. Developers must state the reasons for the exemption and prepare supporting documentation. In Hong Kong, the Securities and Futures Commission (SFC) recognizes the Digital Asset Trading Platform (VATP) license, while in the UAE, the Capital Markets Authority (CMA) license is recognized. However, the licensing criteria in South Korea remain unchanged. Businesses wishing to distribute digital asset exchanges and wallet apps domestically must comply with the reporting requirements for virtual asset service providers (VASP) set by the Financial Intelligence Unit (FIU). This revision does not allow the registration of all unreported apps; Google has decided to maintain the licensing criteria by country while applying a separate reporting procedure for services that do not legally require licensing.

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