Google confirms that non-custodial wallets are exempt from new regulations on the Play Store

Google has just updated policy #PlayStore for cryptocurrency applications, but quickly clarified that non-custodial wallets (self-managed wallets) will be exempt. This decision was made after the cryptocurrency community expressed concerns that the new regulations could affect self-managed wallets on Android devices.

The new regulations and clear distinction

According to the new policy, custodial wallet applications (wallets that hold funds on behalf of users), such as those from exchanges, will need specific licenses for each jurisdiction, including #MiCA in the EU, registration with the FCA in the UK, and FinCEN in the US. These regulations will come into effect from October 29.

However, Google has confirmed to Decrypt that this policy does not apply to non-custodial wallets. This means that users can still use self-managed wallets on Android without worrying about licensing requirements.

Impact and control of Big Tech

Although initial concerns have been alleviated, this incident still shows that tech "giants" like Google have significant control over app distribution. Jacob Wittman from the Plasma Foundation remarked that although the new policy does not greatly affect users, it serves as a reminder of the cryptocurrency industry's dependence on centralized platforms. #anhbacong