Google Play Store is set to introduce new licensing requirements for crypto wallet providers in over 15 jurisdictions, including the United States and the European Union, effective October 29.
The updated policies mandate that developers comply with “industry standards” and obtain necessary licenses. For developers in the U.S., this involves registering with local regulators as either a money services business or a money transmitter. In the EU, developers will need to register as a crypto-asset service provider (CASP). U.S. companies registered with the Financial Crimes Enforcement Network (FinCEN) as money services businesses will be required to meet specific stipulations, including the implementation of a written Anti-Money Laundering program. This could lead to a broader adoption of Know Your Customer (KYC) checks and other compliance measures.
Google clarified that these new requirements do not apply to non-custodial wallets. Following initial concerns from the crypto community regarding the policy’s scope, Google stated 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 Google Play Store has a history of fluctuating policies concerning cryptocurrency applications. In 2018, it banned crypto mining apps. In 2020, it removed the Bitcoin Blast video game and several crypto news applications, including those from Cointelegraph and Coindesk. Additionally, in 2021, Google Play banned eight “deceptive” crypto apps that allegedly tricked users into paying for illegitimate cloud services.
More recently, in 2023, Google announced it would permit non-fungible token (NFT) games, provided developers disclose this feature and exclude gambling elements. The company also barred “loot boxes,” which offer players random mystery items, in the same year.
Currently, Google Play Store’s blockchain content page highlights four categories of apps requiring special attention: cryptocurrency exchanges and software wallets, crypto wallets, apps that distribute tokenized digital assets, and NFT gamification.
