Google is changing its policies for listing cryptocurrency wallets in Google Play Store in response to new regulations in the US and Europe.
Google’s Cryptocurrency Initiative
Recently, Google Play Store announced significant changes concerning the listing of cryptocurrency wallets. According to new requirements, wallets not registered with FinCEN, holding a banking license, or a MiCA license will no longer be available on the platform.
Impact on Non-Custodial Wallets
The new rule implies that non-custodial wallets must adhere to AML/KYC processes, which has already resulted in a drop in ETH prices and presented multiple challenges for developers in the EU. Based on MiCA regulations, licenses are not granted to simple services like non-custodial wallets, leading to their exclusion from the Play Store in the European Union.
New Standards and Their Consequences
Under the new regulations, developers must be registered as a financial service business or a money service provider and comply with all local legal requirements. Complications are expected for both wallets and decentralized crypto applications in light of these new regulatory norms.
Google continues to adapt to the changing regulatory landscape in the cryptocurrency sector, and these changes may have significant implications for projects related to non-custodial wallets.
