Google's Play Store to Implement Cryptocurrency Wallet Licensing Regulations Across 15 Regions, Starting October 29th
Google has announced an updated policy for crypto wallet providers on Google Play, effective from October 29, 2025. The new policy mandates that custodial crypto wallet apps must obtain and maintain official financial licenses appropriate to each major market where they distribute their apps.
Impact in Key Jurisdictions
United States
In the United States, custodial wallet apps must either register with FinCEN as a Money Services Business (MSB) and secure applicable state-level Money Transmitter Licenses (MTLs), or operate under a federal or state-chartered banking entity. This entails compliance with anti-money laundering (AML), know your customer (KYC), and reporting requirements typical of regulated financial institutions.
European Union
In the European Union, custodial wallets must be licensed as Crypto-Asset Service Providers (CASP) under the Markets in Crypto-Assets regulation (MiCA), which imposes regulatory compliance including licensing and possibly operational standards.
Other Covered Jurisdictions
Developers in other covered jurisdictions, such as the UK, Canada, Switzerland, Japan, Hong Kong, South Korea, Israel, South Africa, UAE, Singapore, Australia, and Canada, must comply with equivalent local licensing and regulatory frameworks, such as FCA registration in the UK or specific financial or crypto licenses as dictated by local laws.
Exclusions and Exemptions
The policy applies only to custodial crypto wallets and crypto exchange apps that hold or control users' digital assets. Non-custodial wallets, where users control their own private keys and funds, are generally excluded from these licensing requirements following clarifications from Google.
Implications and Enforcement
Failure to obtain the required licenses will result in removal from Google Play in the affected 15 jurisdictions, significantly limiting market access. This step reflects a broader governmental effort to prevent fraud, money laundering, and other illicit activities via crypto services, aligning Google Play apps with traditional financial regulatory environments.
Google plans to update its Help Center to avoid future confusion regarding the policy change. This step may present further difficulties to app creators in regulated markets. Developers in the EU must follow operational, security, and transparency requirements.
In summary, custodial crypto wallet apps must secure and demonstrate compliance with government-issued financial licenses in each of the 15 key markets (including the US FinCEN MSB license and EU MiCA CASP license) to remain available on Google Play in those regions. This represents a critical and enforceable shift in policy designed to enhance regulatory compliance and user protection. Non-custodial wallets, which do not hold user funds, remain largely exempt from these licensing obligations as per Google’s recent clarifications.
[1]: [Source 1] [2]: [Source 2] [3]: [Source 3] [4]: [Source 4] [5]: [Source 5]
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