Google Play sets new licensing rules on crypto wallet developers
Main Idea
Google Play's updated policy, effective Oct. 29, will require crypto wallet apps to register as crypto-asset service providers (CASP) and comply with anti-money laundering (AML) and Know Your Customer (KYC) regulations.
Key Points
1. Google Play's policy update mandates crypto wallet apps to register as CASPs, effective Oct. 29.
2. In the U.S., companies must be registered with FinCEN as money services businesses and implement AML programs.
3. The policy may lead to broader adoption of KYC checks and other compliance measures.
4. Google did not respond to Cointelegraph's request for comment on the policy change.
Description
Google Play’s updated policy, effective Oct. 29, will require crypto wallet apps to meet specific licensing rules in certain countries.
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