According to the new regulations, in the USA, developers of custodial wallets must obtain permission from the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury as money service operators, have a specific state license, or be a banking institution. In the European Union, developers are required to obtain the status of a cryptocurrency service provider (CASP) under the MiCA regulation.
In a number of countries, a transition period is ongoing. In Germany and France, temporary rules apply to developers until December 30, 2025, and June 30, 2026, respectively. After the deadline, Google will only accept MiCA licenses.
The company stated that the new rules apply exclusively to custodial wallets and cryptocurrency exchanges; non-custodial wallets are not subject to them. Additionally, Google promised to update information to avoid confusion regarding the new requirements.
Earlier, at the request of South Korea's Financial Intelligence Unit (FIU), Google imposed restrictions on access to 17 cryptocurrency exchanges that are not registered in the country.