According to Cointelegraph, Google Play is set to impose new licensing requirements on cryptocurrency wallet providers in over 15 jurisdictions, including the United States and the European Union. This updated policy, which comes into effect on October 29, requires developers in the United States to register with local regulatory authorities either as financial services companies or money transmitters. At the same time, companies operating in the European Union are required to register as crypto asset service providers (CASP).
In the United States, companies registered with the Financial Crimes Enforcement Network (FinCEN) as financial services companies must comply with specific regulations. These regulations include implementing a written anti-money laundering program, which may lead to broader adoption of 'know your customer' (KYC) checks and other compliance measures. This policy does not differentiate between custodial and non-custodial wallets for service providers in the United States or the European Union, although such differentiation exists in some 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 report, and additional information will be provided when available.