Google implements new rules regarding cryptocurrency applications related to the publication of custodial wallets and exchanges in the Play Store. These changes aim to ensure compliance with local laws.
Update on Policies for Cryptocurrency Apps
Google has updated its policies regarding cryptocurrency applications, banning the publication of custodial wallets and exchanges lacking official licenses in key jurisdictions. These requirements are detailed in Google's official developer documentation.
Regional Licensing Requirements
Developers targeting the US must register with the Financial Crimes Enforcement Network (FinCEN) and hold appropriate state licenses or be recognized banking institutions. In the European Union, authorization as a crypto-asset service provider (CASP) under the MiCA regulation is mandatory.
Exemptions for Non-Custodial Wallets
Importantly, these new rules apply solely to custodial wallets and crypto exchanges. Non-custodial wallets remain exempt from these restrictions. Google also pledged to update its help center documentation to clarify these new requirements and reduce confusion among developers.
Thus, the new licensing and restrictions significantly modify the landscape of cryptocurrency applications in Google Play, while excluding non-custodial wallets.
