Google Play imposes new licensing rules on cryptocurrency wallet developers
Google Play has announced an update to its publishing policy for cryptocurrency wallet applications, which will take effect on October 29, requiring developers in more than 15 countries, including the United States and the European Union, to obtain official licenses and comply with "industry standards".
According to the official notice, wallet developers in the United States will need to register with local regulatory authorities as financial service institutions or money transmitters, while developers in the European Union are required to register as cryptocurrency asset service providers (CASP).
In the United States, companies registered with the Financial Crimes Enforcement Network (FinCEN) must implement strict requirements, such as having a written anti-money laundering (AML) program, which may lead to increased reliance on know your customer (KYC) procedures and other checks.
Although the new policy distinguishes between custodial and non-custodial wallets in some countries, it does not differentiate between them in the markets of the United States and the European Union.
As of the time of publishing this news, Google has not responded to Cointelegraph's request for comment.
