Google Play Store to dam crypto wallets with out banking licenses in US and EU

Discover the most recent developments within the Web3 area. This article dives into: “Google Play Store to block crypto wallets without banking licenses in US and EU”.

Key Takeaways

• Google Play will ban non-custodial crypto wallets until builders have a FinCEN, state banking, or MiCA license.
• This new coverage will successfully take away non-custodial wallets from the Google Play Store within the European Union the place MiCA applies.

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Google Play Store would require crypto wallet builders to carry banking or cash providers licenses earlier than itemizing their apps, in keeping with The Rage report.

The coverage applies in 15 jurisdictions, together with the US and EU, and makes no distinction between custodial and non-custodial wallets.

In the US, builders should register with FinCEN as a Money Services Business and as a state cash transmitter or function as a financial institution. In the EU, they have to get hold of a MiCA license as a crypto-asset service supplier.

Critics say the principles exceed authorized necessities, noting that FinCEN’s 2019 steering excludes non-custodial wallets from cash transmitter licensing.

The change may take away most non-custodial wallet apps from the Play Store, forcing them to implement AML/KYC compliance regardless of not holding consumer funds.

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