Google Play Tightens Crypto Wallet Rules, Spares Self-Custody Apps
Main Idea
Google Play is tightening regulations for custodial crypto wallet providers in certain regions, while exempting non-custodial wallets from these new rules.
Key Points
1. Starting October 29, custodial crypto service providers on Google Play must comply with regulatory guidelines, including Anti-Money Laundering (AML) plans.
2. Non-custodial wallets, which allow users to manage their own funds, are not affected by the new policy.
3. The policy applies to crypto wallet providers in over 15 regions, requiring adherence to federal standards and, in Europe, registration as a Crypto-Asset Service Provider (CASP).
4. Google clarified that non-custodial wallets are outside the scope of its updated Cryptocurrency Exchanges and Software Wallets Policy.
5. The update is part of broader efforts to align with regulatory standards while distinguishing between custodial and non-custodial crypto services.
Description
Google Play has announced new licensing requirements for crypto wallet app developers in certain regions , but the update excludes applications that allow users to control their own assets.
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