Editor's PiCK
"Bring a license"…Google to remove 'unregistered' blockchain apps
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Summary
- Google said it will tighten its Play Store rules on blockchain-based content starting on the 28th of this month.
- In South Korea, only businesses that have obtained a virtual asset service provider (VASP) license from the FIU can publish blockchain apps, it said.
- It said that operators that have not obtained a VASP license, including Binance, and crypto mining apps could be removed from the Play Store starting later this month.
Google will tighten its Play Store rules on blockchain-related content later this month. The move also raises the possibility that overseas crypto exchanges such as Binance could be removed from the Play Store in South Korea.
According to industry sources on the 14th, Google recently updated its Play Store policy on "Blockchain-based content." Under the policy, Google said that "the purchase, possession, or exchange of cryptocurrency must take place through certified services in regulated jurisdictions" and that "apps must comply with relevant regulations in all regions or countries they target." It added that "apps must not be published where products and services are prohibited."
In South Korea, only businesses that have obtained a virtual asset service provider (VASP) license from the Financial Intelligence Unit (FIU) under the Financial Services Commission can publish blockchain apps on the Play Store. That means apps from operators that have not obtained a VASP license in South Korea, including Binance, could be removed from the Play Store starting later this month.
Crypto mining apps will also be removed from the Play Store. However, apps that remotely manage crypto mining are permitted. Gambling-style apps that use non-fungible tokens (NFTs) and the like must go through a separate application process to be listed on the Play Store.
The tightened rules will take effect on the 28th of this month. Google said that "Blockchain-based content under this policy refers to tokenized digital assets obtained on a blockchain" and that "if an app includes blockchain-based content, it must comply with the (updated) requirements."
