Google has clarified its policy on self-custodial wallets on its platform, confirming they are safe from a ban.
Summary
- Google clarified that its Play Store rules don’t apply to self-crypto wallets
- New rules will require exchanges and custodial wallets to provide licenses
- The decision affects 15 major jurisdictions, including the U.S., the EU, and Canada, among others
After Google’s new Play Store policy caused an uproar in the crypto space, the tech giant updated its guidelines. On Wednesday, August 13, Google clarified that self-custodial crypto wallets are not subject to its new licensing requirements.
The update follows Google’s announcement of new rules for app developers in 15 jurisdictions, including the U.S., the EU, Canada, the U.K., Japan, and others. To have their apps available in these regions, developers will need to show licenses from relevant financial regulators. For instance, in the EU, developers must apply for a MiCA license in at least one member state.
These requirements go beyond what is mandated by law and could impact decentralized exchanges like Uniswap and PancakeSwap. Still, the exemption for non-custodial wallets was welcomed across the crypto community.
Google Play policy tightens up with regulation
An increasing number of jurisdictions are requiring crypto exchanges, both centralized and decentralized, to register with regulators. Typically, regulators do not distinguish between the two.
Exchanges and crypto wallets are becoming increasingly ubiquitous, and any broad ban could affect Android device sales.
Some social media users questioned what the new policy means for Solana’s (SOL) recently launched Seeker phones. These phones are based on Android’s open source software, but rely heavily on Google’s suite of services. Still, Solana has its own dApp Store for crypto-friendly apps, which could serve as an alternative way for users to download DeFi applications.
