Google Play Store has implemented a new policy banning unlicensed cryptocurrency wallets, impacting users in the US and EU. The crackdown, reported by Infinity Hedge, mandates Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance for all non-custodial wallet apps. KYC/AML Compliance Mandate The policy requires non-custodial wallets to register with the Financial Crimes Enforcement Network (FinCEN) in the US, hold a state bank license, or secure a European MiCA license. This significantly raises the barrier to entry for developers and users. EU Crypto Wallet Ban? Infinity Hedge suggests this effectively bans many non-custodial wallets in the EU, limiting user access to decentralized finance (DeFi) applications and self-custody solutions. Users will need to verify the compliance of their chosen wallet to ensure continued access through the Play Store. The impact on the wider crypto ecosystem remains to be seen, but it signals increasing regulatory scrutiny on digital assets. ```
