Google Play Store Imposes Strict Licensing Requirements for Crypto Wallets Across 15 Jurisdictions
Google Play Store has rolled out stringent licensing requirements for cryptocurrency wallet applications in 15 jurisdictions, including the US and EU. Developers must now secure regulatory approvals before listing their apps, aiming to create a "SAFE and compliant ecosystem." The policy applies to both custodial and non-custodial wallets, with US developers facing FinCEN registration as Money Services Businesses (MSBs) and state-level money transmitter licenses.
The MOVE exceeds existing legal frameworks, particularly for non-custodial wallets, which FinCEN's 2019 guidance excluded from money transmitter classification. Compliance costs for MSBs—covering AML, CTF, and KYC protocols—could stifle innovation, disproportionately affecting smaller developers.
