Google Play Tightens Rules For Crypto Wallet Apps

Google Play Tightens Rules for Crypto Wallet Apps – Major Shock for Non-Custodial Wallets

Google Play has announced strict new policies for cryptocurrency wallet apps in 15 countries and regions, including the US, Canada, Germany, and the entire European Union (EU). Under the new rules, all wallet apps – custodial or non-custodial – must hold a valid license before they can be published on Google Play.

Tough Legal Requiremeats in the US and EU

 - United States: Developers must register as a Money Services Business (MSB) with FinCEN or hold a federal or state banking license.

 - European Union: Developers must be recognized as a Crypto-Asset Service Provider (CASP) under the MiCA regulation.

Notably, non-custodial wallets – which never store user assets – are not exempt. This means small developer teams and open-source wallet projects face costly and complex licensing processes that may be nearly impossible to meet.

Rollout Timeline for the New Rules

 - Canada: License required starting July 2025.

 - Germany: BaFin license required within 2025.

 - EU: Full MiCA compliance required before June 2026.

Big Impact on the Non-Custodial Wallet Market

The new Google Play policy could lead to a wave of non-custodial wallets disappearing from the Play Store. Many developers may be forced to shift to direct website downloads or alternative app stores instead.

Disclaimer: The content above reflects the author’s personal views and does not represent any official position of Cobic News. The information provided is for informational purposes only and should not be considered as investment advice from Cobic News.