Google Play Store Imposes Banking License Requirements on Crypto Wallets

Google Play Store has enacted stringent new policies requiring cryptocurrency wallets to obtain banking licenses or equivalent regulatory approvals. The changes impact 15 jurisdictions, including the United States, European Union nations, Canada, and Japan. Non-custodial wallet providers face particular challenges as the rules don't distinguish between custodial and self-custody solutions.

In the U.S., developers must now register with FinCEN as Money Services Businesses and secure state money transmitter licenses. EU operators face compliance with MiCA regulations, requiring authorization as crypto-asset service providers. The policy shift threatens to remove popular self-custody options from millions of Android devices unless developers navigate complex financial regulations originally designed for traditional banking institutions.