Google Play Store Bans Wallets That Don't Have Banking License

Google's Play Store policy requires software wallet developers to hold a license before publishing cryptocurrency wallet apps, and the article argues that this effectively bars non-custodial wallets. The policy targets 15 jurisdictions, including the European Union and the United States, and in the US requires developers to be registered with FinCEN as a Money Services Business and with a state as a money transmitter, or to be a federal or state chartered bank. In the EU it requires authorization as a crypto-asset service provider under MiCA, a license the article says would not be issued to a simple non-custodial wallet. The article also notes that Google later clarified non-custodial wallets are not meant to be in scope and that the policy will be updated.