Google Play Store Requires Government Licenses For Crypto Wallet Apps

Key Points

1. Google Play Store mandates government licenses for crypto wallet apps in 15 jurisdictions, including the U.S., U.K., and EU.

2. The policy applies to both custodial and non-custodial wallets, requiring the same licensing standards.

3. In the U.S., developers must register with FinCEN; in the EU, they need CASP authorization under MiCA; and in the U.K., registration with the Financial Conduct Authority is required.

4. The policy has been criticized for exceeding legal requirements for non-custodial wallets, which do not hold customer funds.

5. Google's dominant market position (70% of smartphones) gives its policy significant influence over crypto wallet accessibility.