Google Removes Cryptocurrency Apps from Play Store in India
In response to warnings from the Indian finance ministry, Google has taken action and removed several cryptocurrency-related applications from its Play Store in India. This follows a similar move by Apple Inc., which pulled major offshore crypto exchanges from its App Store in the country.
High-profile Applications Affected
The clampdown on these applications has affected well-known platforms such as Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex. These platforms were operating without proper registration and adherence to local tax laws. The finance ministry suspects that these exchanges could be used for money laundering activities.
Meity Executes App Removals
The Ministry of Electronics and Information Technology (Meity) carried out the removal of these apps on December 28 after issuing show-cause notices. Google’s decision is seen as part of its effort to ensure compliance with policy standards. The finance ministry’s Financial Intelligence Unit (FIU) had raised concerns about the potential misuse of these apps for money laundering schemes.
Regulatory Compliance is Key
The finance ministry clarified that both offshore and onshore virtual digital assets (VDA) service providers in India must register with FIU-India and comply with the Prevention of Money Laundering Act (PMLA), 2002. As regulatory agencies become more vigilant, it is crucial for companies dealing in cryptocurrencies to adhere to local regulations and proactively address illicit activities.
Hot Take: Tech Giants Respond to Regulatory Concerns
In an effort to comply with authorities’ concerns, Google and Apple have removed cryptocurrency apps from their app stores. This underscores the importance of regulatory compliance in the cryptocurrency industry. As these platforms gain prominence, it is essential for companies to adhere to local regulations and prevent illicit activities. The actions taken by Google and Apple demonstrate their willingness to work with regulators and ensure the integrity of their platforms.
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