Charles Esther
Google Play will now require crypto wallet providers in more than 15 jurisdictions, including the United States and the European Union, to hold proper licenses and comply with recognized industry standards.
The policy update does not affect non-custodial wallets, which remain outside the new licensing requirements.
Effective Date and Jurisdiction Requirements
The updated rules come into effect on October 29.
In the US, developers must register with local regulators as either a money services business or money transmitter.
In the EU, crypto wallet providers must register as a crypto-asset service provider (CASP) to continue offering their services on Google Play.
US Compliance Standards
US-registered companies must meet Financial Crimes Enforcement Network (FinCEN) standards.
Requirements include implementing a written Anti-Money Laundering (AML) program, which may encourage the wider adoption of Know Your Customer (KYC) checks and other regulatory measures.
Clarification on Non-Custodial Wallets
Following backlash from the crypto community, Google clarified that non-custodial wallets are exempt from this policy.
The company announced updates to its Help Center to ensure developers understand which wallets are in scope.
Google Play’s History with Crypto Apps
Google Play has had a tenuous relationship with cryptocurrency apps.
- In 2018, it banned all crypto mining apps.
- In 2020, it removed games like Bitcoin Blast and several crypto news apps, including Cointelegraph and Coindesk.
- In 2021, eight “deceptive” crypto apps were banned for misleading users about cloud services.
NFT and Gamification Policies
In 2023, Google allowed NFT-based games, requiring developers to disclose NFT features and prohibiting gambling elements.
The platform also banned loot boxes, which offer random virtual items to players.
Apps Under Special Scrutiny
Google Play currently monitors four main types of blockchain-related apps:
- Cryptocurrency exchanges and software wallets
- Crypto wallets
- Apps distributing tokenized digital assets
- NFT gamification apps
