Google has reversed its policy requiring all crypto wallets to obtain federal licenses, offering relief to the industry. 🔑 The move exempts non-custodial wallets from licensing requirements in the US and EU, impacting market stability and easing compliance burdens for developers. 💻
Previously, Google’s Play Store demanded that all crypto wallets hold federal or pan-European licenses. This policy sparked confusion and backlash within the industry, leading to a recent clarification on non-custodial wallets.
Now, only custodial crypto wallets will need licenses. Non-custodial options, which don’t store user funds or private keys, are exempt from these regulations. 💸 This change addresses industry concerns over potential app delistings and market disruption.
The exemption aligns with legal understandings regarding non-custodial wallet exemptions and follows precedents like FinCEN’s 2019 guidance.
While the initial policy raised fears of regulatory burdens, Google’s swift reversal reassures the crypto community.
Tech innovation is expected to flourish in the non-custodial space. Developers can now focus on enhancing wallet functionalities without facing these challenges, particularly in the US and EU markets.
For detailed information about this policy change, visit the official Google Help Center.