Android’s go-to app hub, Google Play, has updated its policy that crypto wallet providers need to know. Effective October 29, crypto wallet providers must obtain specific licenses and follow industry standards to offer services through Google Play. In other words, wallet developers should secure the necessary licenses from the governments before publishing apps, and requirements may vary across different jurisdictions.
Google Play’s new rule doesn’t affect non-custodial crypto wallets
The updated policy, however, does not apply to non-custodial wallet providers. As the name indicates, a non-custodial wallet is a type of crypto wallet where users have full control over their private keys and funds. In custodial crypto wallets, a third party, like an exchange, manages users’ private keys.
15 jurisdictions that fall under Google Play’s new policy
According to Google Play’s updated policy, the US, UK, UAE, Bahrain, Canada, Hong Kong, Indonesia, Japan, Canada, South Africa, South Korea, Switzerland, Israel, and the European Union fall under the new standards. Crypto wallet providers in these jurisdictions will have to comply with different rules. Wallet providers in the US
The policy explicitly states: “If your targeted location is not on the list, you may continue to publish cryptocurrency exchanges and software wallets.” The crypto industry possesses several rapidly evolving regulatory changes; therefore, the app requests developers to secure any “additional licensure requirements” based on local laws.
How crypto wallet app developers should proceed with Google Play compliance?
Under App content, crypto app developers should declare that their app is a crypto exchange and/or software wallet in the Financial features declaration.
If the app targets users from any of the 15 jurisdictions, the developers should fill location-specific forms. If there is no required registration or licensing information, they can remove it from the app’s targeting countries/regions.
In the US, the developer must be either registered with FinCEN as a “money services business” and with a state as a “money transmitter” or a federal or state-chartered bank entity.
Meanwhile, in the UAE, the developer must be licensed by the Financial Services Regulatory Authority (FSRA), the Virtual Asset Regulatory Authority (VARA), or the Dubai Financial Services Authority (DFSA).
