Google Play has announced new licensing requirements for crypto wallet app developers in certain regions, but the update excludes applications that allow users to control their own assets.
Starting October 29, companies offering custodial crypto services through the Google Play Store will be expected to follow regulatory guidelines. These include registering with financial authorities and following industry compliance rules.
However, crypto wallets that let individuals manage their own funds, often called non-custodial wallets, will not be impacted.
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The policy applies to crypto wallet providers operating in more than 15 regions, including both the United States and the European Union.
In the US, developers must register with local authorities either as money transmitters or money service businesses. This means meeting federal standards, such as having an Anti-Money Laundering plan in place.
For European developers, registration as a Crypto-Asset Service Provider (CASP) is required, in line with EU rules covering digital finance. These steps are aimed at platforms that hold and manage digital assets on behalf of users.
The update raised concerns among developers and users who feared the rules might apply to all crypto wallets. In response, Google stated in a post on X:
Non-custodial wallets are not in scope of Google Play’s Cryptocurrency Exchanges and Software Wallets Policy. We are updating the Help Center to make this clear.
The company added that further clarifications would be made in its support materials to help distinguish between different wallet types.
Recently, Google introduced a new version of its Google Finance tool. What does the update include? Read the full story.
