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Crypto and blockchain developers are always pushing the boundaries of what we can do with digital assets and oftentimes, apps based around this technology are launched. Users of popular app stores like the Google Play Store can download these apps to enjoy. They can be a way to look for new cryptocurrencies and new ways of earning and spending these tokens.
But if you’ve been following the news around crypto apps and app stores, you’ll know that the has been some back-and-forth regarding the rules developers have to follow to have their apps approved. Some of these rules have been so stringent that developers would rather pull their apps from the Play Store entirely. What are the current rules for crypto apps on the Andriod store? Some of them are as follows:
Crypto Mining
Mining is one of the popular ways for crypto lovers to get their hands on new tokens and involves validating transactions on the blockchain network. Crypto mining is usually done through mining hardware, desktop, and even mobile applications.
But while all these are popular, the Google Play Store does not allow crypto mining apps to be listed. Instead, it allows for apps that manage mining activities remotely such as apps for mining pools that let users check the status of their miners.
Crypto Trading
The Play Store allows apps that facilitate crypto trading such as crypto exchanges to operate. However, there are some requirements for this. All of these transactions need to be conducted through ‘certified services in regulated jurisdictions,” as per the store’s guidelines. On top of this, the app has to comply with the regulations of the various countries that it targets and operates in.
These apps also cannot be published in regions where crypto or crypto trading is prohibited by the government. To ensure compliance, Google might ask app developers to show proof of licensing and compliance.
Earning Tokenized Assets
Many apps these days allow people to earn digital assets for participating in challenges, games, and much more. The good news is that the Google Play Store allows these types of apps to be listed. At the same time, Google requires complete transparency when these apps are being listed in the store. Developers have to declare the presence of these tokenized assets in the Financial Features declaration form on the App Content page in Play Console.
If an asset within an app is a tokenised asset, it must be stated clearly and developers are also not allowed to glamorize or promote potential earnings from these activities.
NFTs
NFTs within apps were previously a major bone of contention for the app store but there seem to be clearer guidelines now. Gambling apps that incorporate NFTs need to fill an application to that effect. Non-gambling apps that have NFTs need to ensure that no money is paid to buy NFTs of unknown value. Additionally, the NFTs being given have to be used for the enhancement of the gaming experience for players. Google also says that “NFTs must not be used to wager or stake in exchange for the opportunity to win prizes of real-world monetary value.”