Alphabet Inc.‘s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google has introduced new licensing requirements for cryptocurrency wallet applications on its Play Store, a move critics argue could block many non-custodial wallets from reaching users in key markets.
The updated policy applies to developers in 15 jurisdictions, including the United States and the European Union, and mandates compliance with local licensing frameworks, according to The Rage.
In the US, developers must either be registered as a Money Services Business (MSB) with FinCEN and licensed as a money transmitter at the state level, or operate as a federally or state-chartered bank.
In the EU, wallet providers must hold authorization as a Crypto Asset Service Provider (CASP) under the Markets in Crypto-Assets (MiCA) regulation.
While these rules are in line with custodial wallet and exchange requirements, they go far beyond what is …