Google Play Introduces Licensing Requirements for Crypto Wallet Providers
In a move that is set to impact the global cryptocurrency landscape, Google Play has announced an updated policy requiring crypto wallet providers in over 15 jurisdictions, including the United States and the European Union, to obtain licenses and adhere to industry standards. This policy update is aimed at enhancing security and compliance within the digital asset ecosystem.
Key Changes and Compliance Requirements
According to a policy notice from Google Play, these changes are scheduled to take effect on October 29. In the United States, developers will need to register with local regulators either as a money services business or as a money transmitter. Meanwhile, in the European Union, developers must register as a crypto-asset service provider (CASP).
For companies in the US registered with the Financial Crimes Enforcement Network (FinCEN) as money services businesses, there is a requirement to meet specific standards. This includes implementing a comprehensive Anti-Money Laundering (AML) program, which could potentially lead to a wider adoption of Know Your Customer (KYC) protocols and other regulatory measures.
Understanding the Distinctions and Implications
While Google Play’s policy differentiates between custodial and non-custodial wallets in certain jurisdictions, it does not make any such distinction for providers operating in the US or EU. This uniform approach may simplify compliance efforts but also demands greater diligence from developers to meet the newly established standards.
Despite reaching out to Google for further insights into this policy update, Cointelegraph did not receive a response by the time of publication. This development underscores the ongoing evolution and maturation of the digital asset space as major platforms like Google Play tighten their regulatory frameworks.
As this is a developing story, additional information will be included as it becomes available. For more details, please visit the original article on Cointelegraph.
