According to Cointelegraph, Google Play is set to enforce new licensing requirements for crypto wallet providers across more than 15 jurisdictions, including the United States and the European Union. This updated policy, which takes effect on October 29, mandates that developers in the U.S. register with local regulators as either a money services business or money transmitter. Meanwhile, those operating in the EU are required to register as crypto-asset service providers (CASP).
In the United States, companies that register with the Financial Crimes Enforcement Network (FinCEN) as money services businesses must adhere to specific regulations. These include the implementation of a written Anti-Money Laundering (AML) program, which could potentially lead to a wider adoption of Know Your Customer (KYC) checks and other compliance measures. The policy does not differentiate between custodial and non-custodial wallets for providers in the U.S. or EU, although such distinctions are made in certain other jurisdictions.
Cointelegraph attempted to contact Google for further comments on the policy changes but did not receive a response by the time of publication. This development is part of an ongoing story, and additional information will be provided as it becomes available.