Google Play Tightens Regulations on Crypto Wallets While Exempting Non-Custodial Apps

Google Play has unveiled stringent licensing requirements for cryptocurrency wallet applications, set to take effect October 29. The policy specifically targets custodial wallet providers, mandating compliance with regulatory frameworks across 15+ jurisdictions including the United States and European Union.

US-based developers must register with FinCEN as money services businesses, while EU counterparts face MiCA regulation as crypto-asset service providers. The exemption for non-custodial wallets follows significant pushback from the crypto community, highlighting ongoing tensions between centralized platforms and decentralized finance principles.

This regulatory shift mirrors broader institutional trends, with major exchanges now compelled to navigate complex compliance landscapes. The UK's Financial Conduct Authority registration adds another LAYER to the evolving global crypto governance framework.