"Bring a license"…Google raises barriers to entry for 'blockchain apps'
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Summary
- Google said it will strengthen its rules on blockchain-based content starting on the 28th of this month.
- In South Korea, only operators holding a Virtual Asset Service Provider (VASP) license from the Financial Intelligence Unit (FIU) can publish blockchain apps, it said.
- Cryptocurrency mining apps will be removed, and gambling-oriented apps using NFTs and the like will need to go through a separate application process.
Google will tighten Play Store rules related to blockchain later this month.
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 be conducted through certified services within regulated jurisdictions" and that "apps must comply with relevant regulations in every region or country they target." It added that "apps must not be published in locations where the products and services are prohibited."
The updated policy also includes guidelines outlining blockchain regulatory requirements by jurisdiction, including the United States as well as South Korea, Hong Kong and the European Union (EU).
In South Korea, only operators 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.
Cryptocurrency mining apps will be removed from the Play Store, though apps that remotely manage cryptocurrency mining will be allowed. Gambling-oriented apps that use non-fungible tokens (NFTs) and the like will be required to go through a separate application process to be listed on the Play Store.
The stricter rules will take effect on the 28th of this month. Google said, "Blockchain-based content under this policy refers to tokenized digital assets secured on a blockchain," adding that "if an app includes blockchain-based content, it must comply with the (updated) requirements."
