Google Play Store Sets New Licensing Rules on Crypto Wallet Developers
Update (Aug. 13, 9:33 pm UTC): This article has been updated to clarify that Google’s upcoming requirements will not apply to non-custodial wallets.
Google Play will require crypto wallet providers in over 15 jurisdictions, including the United States and the European Union, to be licensed and comply with “industry standards” under an updated policy. The revision does not affect non-custodial wallets.
According to Google Play’s policy notice, the changes take effect Oct. 29. Developers in the US will need to register with local regulators as either a money services business or money transmitter. Those in the EU must register as a crypto-asset service provider (CASP).
In the US, companies registered with the Financial Crimes…
