Google’s Recent Update on Play Store Cryptocurrency Wallet Policy Sparks Global Misunderstanding
Google’s recent announcement regarding the policy update for cryptocurrency wallet applications on the Play Store has led to a global misunderstanding, with many believing that non-custodial wallets would soon be banned in regions such as the United States and the United Kingdom. This has prompted criticism from numerous developers and users, who argue that the policy lacks transparency and hinders the development of Web3 applications. However, Google later clarified that these non-custodial wallets are not subject to restrictions and that they will update their documentation to resolve the controversy.
Google’s New Policy Suspected to Limit Non-Custodial Wallets
In July, Google updated the “Cryptocurrency Exchange and Software Wallet Policy” on the developer documentation page for the Play Store, stating that individuals issuing cryptocurrency-related applications in the United States must meet the following qualifications:
- Register as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) and hold a Money Transmitter license in each state.
- Be a federally or state-chartered banking entity.
There are also applicable conditions for the European Union and the United Kingdom. Given that the text mentions “Software Wallets” must register according to local regulations, many developers mistakenly believed that non-custodial wallets were included in the restrictions.
News Sparks Community Backlash
According to foreign media outlet The Rage, this new policy could result in “unregistered non-custodial wallets” being unable to be listed on Google Play in regions including the U.S. and U.K., with the policy expected to take effect on October 29.
Following this report, many netizens criticized Google on Twitter (X), accusing the company of suppressing the Web3 ecosystem and undermining users’ freedom to manage their assets, thereby affecting the existence and updates of non-custodial wallets such as MetaMask and Trust Wallet.
Google Officially Responds to Clarify
In response to the news, Google quickly addressed the situation via Twitter (X), stating:
“Non-custodial wallets are not within the scope of Google Play’s cryptocurrency exchange and software wallet policy. We will update the Help Center content to clarify the controversy.”
This means that the policy only targets custodial wallets and cryptocurrency exchanges; non-custodial users who manage their private keys and have no intermediary asset custody responsibilities do not need to worry about restrictions.
Current Status and Future Update Timeline
According to the announcement, Google’s new wallet policy will still officially take effect on October 29, and Google has committed to updating the developer documentation (Help Center) to clarify misunderstandings.
For cryptocurrency wallet applications being listed on Google Play in the future, if they involve custodial functions or exchange services, they will still need to register and comply with local regulations.
Risk Disclaimer
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