Crypto wallet apps must now comply with new Google Play rules
The new Google Play rules on crypto wallets, which come into effect on 29 October, do not apply to non-custodial wallets.
Google Play is introducing new policies for cryptocurrency wallet applications. The new rules will require them to be licensed in more than fifteen countries, including the United States and the European Union.
The changes, which come into effect on 29 October, will require providers in the US to register as a money services business or money transmitter. Those in the EU, meanwhile, must register as a crypto-asset service provider.
The updated rules, which aim to ensure compliance with industry standards, will not apply to non-custodial wallets. Following initial concerns from the crypto community, Google clarified the policy on X, stating that non-custodial apps are not in scope.
The new regulations could lead to a broader adoption of Know Your Customer checks and other anti-money laundering measures for the affected apps.
Google Play has a mixed history with cryptocurrency, having previously banned crypto mining apps in 2018 and removed several crypto news and video games. In 2021, the company removed several deceptive apps for allegedly tricking users into paying for an illegitimate cloud service.
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