Google Play will require cryptocurrency wallet providers in over 15 jurisdictions, including the United States and the European Union, to obtain licenses and comply with "industry standards" under updated policies. This revision does not affect non-custodial wallets.
According to Google Play's policy notice, these changes will take effect on October 29. Developers in the United States need to register with local regulators as money service businesses or money transmitters. Developers in the European Union must register as crypto asset service providers (CASP).
In the United States, companies registered with the Financial Crimes Enforcement Network (FinCEN) as money service businesses must meet specific requirements, including implementing a written anti-money laundering plan. This may lead to broader adoption of know your customer (KYC) checks and other measures.
In response to strong opposition from the crypto community, Google addressed concerns about the policy's impact on the X platform, stating: "Non-custodial wallets are not within the scope of Google Play's cryptocurrency exchange and software wallet policies. We are updating the help center to clarify this."
Google Play has a complex history with the crypto industry. In 2018, it banned cryptocurrency mining applications, and in 2020, it removed the Bitcoin Blast video game. That same year, it took down crypto news applications, including those of Cointelegraph and Coindesk, without explanation.
In 2021, it banned eight "deceptive" crypto applications that allegedly tricked users into paying for illegal cloud services.
In 2023, Google announced it would allow non-fungible token (NFT) games, requiring developers to disclose this feature and prohibiting gambling elements. It also banned "loot boxes," which provide players with random mystery items.
According to the Google Play Store blockchain content page, there are currently four categories of applications that require special attention: cryptocurrency exchanges and software wallets, crypto wallets, applications that distribute tokenized digital assets, and NFT gamified applications.
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Original article: “Google Play's new rules will not affect non-custodial crypto wallets”
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