MOUNTAIN VIEW, Calif.—Google moved quickly to clear up confusion after a recent Play Store policy update suggested non-custodial crypto wallets could be banned in the U.S., U.K., and other countries starting in October, Bank Info Security reported.
The company clarified that its Cryptocurrency Exchanges and Software Wallets Policy applies only to custodial services—not to self-custody wallets, which remain permitted. The rules are aimed at ensuring that custodial providers, such as exchanges and hosted wallets, comply with applicable laws and standards.
In the U.S., that means developers must register with the Financial Crimes Enforcement Network (FinCEN) as a money services business and obtain state money-transmitter licenses, or else operate as a federally or state-chartered bank, Bank Info Security noted.