Google Play must be licensed and comply with “industry standards” under updated policies from crypto wallet providers in more than 15 jurisdictions, including the US and the European Union.
According to the Google Play policy notification, the changes will take effect on October 29th. US developers must register with local regulators as either money services business or money transmitters, while EU developers must register as Crypto-Asset Service Providers (CASPs).
In the United States, companies registered with the Financial Crime Enforcement Network (FINCEN) because their financial services businesses must meet certain requirements, including implementing written money laundering programs. This could lead to more widespread adoption of customer checks and other measurements.
This policy distinguishes between detention and non-obligatory wallets in a particular jurisdiction, but there is no such distinction for US or EU providers.
Cointelegraph contacted Google but did not receive a response per publication time.
This is a developing story, and more information will be added as it becomes available.
