The update of Google Play's policy first caused a keen stir in a part of the cryptocurrency ecosystem. The rumor has spread that the platform was planning to exclude, in several countries, non -registered non -custodial wallets, arousing the concern of users. However, this was short-lived: Google quickly clarified the situation on X, claiming that this interpretation was wrong.
In short
- Google Play clarified that its new policy will not affect the non-Custodial Crypto Wallets, dissipating the initial fears of the community.
- From the end of October, suppliers of Custodial Wallets in more than 15 countries will have to hold a license and comply with industry standards to stay listed.
- The update also requires new requirements to developers in the United Kingdom and in several other unspecified countries.
Google strengthens the rules for regulated crypto wallets and exchanges
In a recent blog article, Google announced that from the end of October, new rules will come into force in more than 15 countries, including the United States and the Member States of the European Union.
From now on, custodial wallet operators will have to obtain the appropriate licenses and respect the good practices recognized by the industry to remain available on Google Play in the regions concerned. Non -customs wallets, on the other hand, are not affected by these new obligations.
Google specifies that the objective is to ensure that Cryptomonia applications comply with standards legal and industrial of each market. Thus, only the exchange platforms and the applications of Wallets Crypto respecting the regulations in force in a given jurisdiction may be proposed on Google Play.
Specific requirements depending on the region
In the European Union, developers will have to register as service providers on cryptographic assets to the competent national authority, in accordance with the Markets in Crypto-Astets (MICA). They must also respect all the additional rules imposed by each Member State, even when these requirements go beyond the provisions of Mica.
In the United States, two main compliance routes are available. “” The developer must either be (a) registered with Fincen as Money Services Business and with a State as a silver transmitter or (b) a federal banking entity or under a state charter. »»
Google has also established new requirements for developers in the United Kingdom and several other countries.
Google clarifies after the controversy
The announcement first suggested that the non -custom wallets would be targeted, triggering strong reactions in tech and crypto. Jack Dorsey, co -founder of Twitter (now X), notably described the measure of ” terrible For the sector.
In response, Google has reaffirmed that changes do not apply to non-custodial wallets. The company has confirmed that these applications escape the reach of its policy for cryptocurrency exchanges and Wallet software on Google Play.
Reinforced regulation over time
Google Play has already taken several striking measures in the past against Crypto applications
- In 2018, Google Play prohibited applications that undermined cryptocurrencies on devices.
- The year 2020 saw a stricter application with the abolition of the Bitcoin Blast game from its official lists on Google Play.
- Eight crypto applications were blocked in 2021 after Google Play said they were misleading users by making them pay for a false cloud mining service.
- Google Play is now closely examining the exchange software wallets, tokenized asset distribution applications, and game content based on NFT.
The last adjustment of the policy strengthens the position of Google Play: compliance with national regulations is essential for the Custodial Crypto Services operating on its platform. Suppliers located in the jurisdictions concerned must demonstrate that they have an appropriate license and that they respect recognized practices before being approved to appear on the list.
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