Google Play Store Implements Stricter Policies for Crypto Wallets

In a significant move to regulate the cryptocurrency market, Alphabet Inc.'s Google Play Store announced updated policies on Wednesday. Developers are now mandated to obtain a federal license before their cryptocurrency wallet apps can be published on the platform.

Global Impact of the New Policy

The updated policy is not just limited to the United States, where apps must register as a Money Service Business (MSB) with FinCEN, but also extends to the European Union, requiring a MiCA license. This policy change affects an additional 13 jurisdictions worldwide, marking a global shift towards more regulated cryptocurrency transactions.

Ensuring a Safe Ecosystem

Google's comprehensive rules now cover both custodial and non-custodial software, aiming to "ensure a safe and compliant ecosystem for users." This move underscores the tech giant's commitment to user security and regulatory compliance in the rapidly evolving crypto space.