Google Play Store Sets New Licensing Rules on Crypto Wallet Developers

Google Play’s will require crypto wallet providers in over 15 jurisdictions, including the United States and the European Union, to get licenses and comply with “industry standards” under an updated policy.

According to Google Play’s policy notice, the changes take effect Oct. 29. Developers in the US will need to register with local regulators as either a money services business or money transmitter, while those in the EU must register as a crypto-asset service provider (CASP).

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. This could lead to broader adoption of Know Your Customer checks and other measures.

While the policy distinguishes between custodial and non-custodial wallets in certain jurisdictions, it makes no such distinction for providers in the US or EU.

Cointelegraph reached out to Google but did not receive a response by publication time.

This is a developing story, and further information will be added as it becomes available.