⚠️Google clarifies rules for crypto wallets on its app store

⚠️Google clarifies rules for crypto wallets on its app store

Google Play will now require crypto wallet providers (including those in the U.S.🇺🇸 and the European Union) to hold licenses from local regulators and comply with specific industry standards.

➡️ In the United States, money transfer service providers must be registered with the Financial Crimes Enforcement Network (FinCEN) and authorized by the state in which they operate. Banks are exempt, as they already hold federal or national licenses.

➡️ In the United Kingdom🇬🇧, providers must obtain approval from the Financial Conduct Authority (FCA).

➡️ In the European Union, companies must register as Crypto Asset Service Providers (CASPs) under the recently adopted MiCA regulation.

➡️ Important note: under current U.S. law, non-custodial wallets do not require licensing.

➡️The new Google rules will take effect in October.
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