Google Play Tightens Crypto Wallet Rules—But Self-Custody Apps Dodge the Axe

Google Play just drew a line in the sand—crypto wallets are in its crosshairs, but self-custody apps slipped through the cracks. The move reeks of selective enforcement, letting Big Tech play gatekeeper while pretending to 'protect' users.

Here’s the twist: decentralized wallets get a free pass. Coincidence? Or a nod to the unstoppable rise of self-sovereign finance? Either way, it’s another case of legacy platforms scrambling to stay relevant as crypto eats the world.

And let’s be real—when has Google ever missed a chance to monetize your data? This time, they’re just doing it with a side of faux concern for 'security.'

TLDR

• Google Play will require crypto wallet apps to get licenses in 15+ jurisdictions including US and EU starting October 29
• Non-custodial wallets are exempt from these new licensing requirements
• US developers need FinCEN registration as money services businesses or money transmitters
• EU developers must register as crypto-asset service providers (CASP) under MiCA
• Google clarified the exemption after backlash from the crypto community on social media

Google Play announced new licensing requirements for crypto wallet apps that will take effect on October 29. The policy changes will require custodial wallet providers to obtain jurisdiction-specific licenses in over 15 countries.

The new rules apply to custodial digital wallet apps, particularly those from cryptocurrency exchanges. These apps must hold appropriate licenses before distribution in regulated markets.

In the United States, developers will need to register with local regulators as either money services businesses or money transmitters. This includes registration with the Financial Crimes Enforcement Network (FinCEN).

European Union developers must register as crypto-asset service providers under the Markets in Crypto-Assets (MiCA) regulation. The UK requires Financial Conduct Authority registration for compliance.

Companies registered with FinCEN as money services businesses must meet specific requirements. This includes implementing written Anti-Money Laundering programs and potentially broader Know Your Customer checks.

Non-Custodial Wallets Remain Unaffected

The announcement initially sparked concerns across the crypto community on social media platforms. Many users worried the rules WOULD extend to non-custodial or self-custodial wallets on Android devices.

Google quickly addressed these concerns through its Help Center documentation. The company stated that “non-custodial wallets are out of scope of the Cryptocurrency Exchanges and Software Wallets policy.”

The tech giant also updated its communications on X (formerly Twitter) to clarify this exemption. Google said it would update its Help Center to make this distinction clearer for developers and users.

Jacob Wittman, general counsel at the Plasma Foundation, called the concerns a “nothing burger.” He noted that while the policy changes were minimal, they still showed tech giants’ control over app distribution.

Google’s Complex History with Crypto Apps

Google Play has maintained a complicated relationship with cryptocurrency applications over the years. The platform banned crypto mining apps in 2018 and removed the Bitcoin Blast video game in 2020.

The same year, Google removed crypto news apps including those from Cointelegraph and Coindesk without explanation. In 2021, the platform banned eight crypto apps it labeled as “deceptive.”

These apps allegedly tricked users into paying for illegitimate cloud services. Google has also implemented restrictions on NFT games and gambling elements in blockchain-based applications.

In 2023, Google announced it would permit non-fungible token games with disclosure requirements. The company also banned “loot boxes” that offer players random mystery items.

The Android operating system runs on more than 70% of all mobile phones globally according to 2025 data. This gives Google substantial influence over crypto app distribution and user access.

Google currently identifies four types of blockchain apps requiring special attention on its platform. These include cryptocurrency exchanges, software wallets, tokenized digital asset distributors, and NFT gamification apps.