The network is discussing new Google Play rules. They state that for operation in the USA, cryptocurrency wallets will need to register with the Financial Crimes Enforcement Network (FinCEN) as a Money Services Business. An alternative may be a money transmitter license at the state level.
For EU companies, registration as a Crypto Asset Service Provider (CASP) is required. Such requirements imply, among other things, having a written anti-money laundering (AML) program and possible expansion of Know Your Customer (KYC) verification procedures.
The update will affect more than 15 jurisdictions, including the USA, the UK, and European Union countries. In these regions, developers of cryptocurrency wallets and crypto exchange applications will be required to obtain the appropriate licenses and confirm compliance with local requirements. However, these rules do not apply to non-custodial wallets.
