Google Play has announced changes to its policy, mandating crypto wallet developers in over 15 jurisdictions, including the US and EU, to comply with new licensing standards.
New Requirements for Developers in the US and EU
According to Google Play's policy notice, the changes will take effect on October 29, 2025. Developers in the US will need to register with local regulators as money services businesses. In the EU, developers must register as crypto-asset service providers.
In the US, companies registered with the Financial Crimes Enforcement Network (FinCEN) as money services businesses must meet specific requirements, including implementing a written Anti-Money Laundering program.
Industry Reaction to the Changes
The policy distinguishes between custodial and non-custodial wallets, but does not make such distinctions for providers in the US or EU. Reactions from the crypto investment community and developers to these changes are not yet fully formed, but this is expected to lead to broader adoption of Know Your Customer checks and other privacy-invasive measures.
Overall Impact on Users
The changes in policy may affect the level of anonymity for users and their interactions with cryptocurrencies. Rules regarding identity verification and compliance with security standards could impact regular users of crypto wallets. Google has not yet provided any further comments on this issue.
The new licensing requirements from Google Play for crypto wallets indicate significant changes in the digital finance space. Users should stay informed about developments and their potential implications.
