Google Play Store to block crypto wallets without banking licenses in US and EU
New policy changes mean non-custodial crypto wallets must comply with major regulatory frameworks to remain on Google's app store.
Key Takeaways
- Google Play will ban non-custodial crypto wallets unless developers have a FinCEN, state banking, or MiCA license.
- This new policy will effectively remove non-custodial wallets from the Google Play Store in the European Union where MiCA applies.
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Google Play Store will require crypto wallet developers to hold banking or money services licenses before listing their apps, according to The Rage report.
The policy applies in 15 jurisdictions, including the US and EU, and makes no distinction between custodial and non-custodial wallets.
In the US, developers must register with FinCEN as a Money Services Business and as a state money transmitter or operate as a bank. In the EU, they must obtain a MiCA license as a crypto-asset service provider.
Critics say the rules exceed legal requirements, noting that FinCEN’s 2019 guidance excludes non-custodial wallets from money transmitter licensing.
The change could remove most non-custodial wallet apps from the Play Store, forcing them to implement AML/KYC compliance despite not holding user funds.
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