Google Play Store Mandates Banking Licenses for Cryptocurrency Wallet Apps
By
madars
9mo ago· 5 min readenNews
92/100
Golden Brown
Bagelometer↗
Toasted golden, schmeared with insight. Top of the rack.
Score92TypenewsSentimentneutral
Summary
Google Play Store has implemented a new policy requiring cryptocurrency wallet developers to obtain a banking license or comply with specific regulations (such as FinCEN registration in the US or MiCA license in the EU) before publishing their apps. This policy aims to create a safer and compliant ecosystem for users and applies to 15 jurisdictions, including the EU and the US.
Key quotes
· 3 pulledGoogle Play Store has introduced a policy that requires any software wallet developer to obtain a license before publishing cryptocurrency wallet apps to the Google Play Store 'to ensure a safe and compliant ecosystem for users.'
The policy targets 15 jurisdictions, including the European Union and the United States, laying out which regulations Google Play Store expects software wallet developers to comply with.
This includes being a registered Money Service Business with FinCEN in the US, as well as obtaining a MiCA license in the EU.
New Google Play Store policy now requires FinCEN registration, state banking license, or MiCA license for non-custodial wallets.
