New Licensing Rules for Crypto apps on Google Play
google Play is updating its rules for cryptocurrency and wallet apps.Effective instantly, apps must have specific licenses to stay on the store in various countries. This change affects developers significantly.
The new rules cover major jurisdictions including the U.S., EU, U.K., Japan, and more. Developers need to register with local government entities as crypto service providers or banks. As an example, U.S. developers must register with fincen as Money Services Businesses.
EU developers face similar hurdles under the MiCA regulations. They must register as virtual asset service providers.
This update poses challenges for Decentralized Finance (DeFi) apps. Since they often lack corporate structures, obtaining these licenses is tough. If unsuccessful, DeFi apps may vanish from Google Play.
Uniswap and PancakeSwap risk removal if they cannot comply. Users might then access these platforms onyl via web browsers. This shift could deter casual crypto enthusiasts.
Custodial and non-custodial wallets also fall under these rules. Open-source wallets could face delisting, complicating download processes for standard users.
These changes reshape how users interact with crypto services on Android devices. Developers and users alike must navigate this new regulatory landscape carefully.
