Google Rolls Out New Policy for Crypto Exchanges and Wallets

Google Play Store has updated its policy for crypto and software wallets, but clarified that non-custodial wallets are not in the category.

For context, Google published a new guideline for crypto wallets in over 15 countries to abide by to ensure their continued presence on the Google Play Store. The updated policy, effective from October 29, would require exchanges, such as Coinbase and Binance, and software wallets to comply with local laws and obtain certain licenses or face a ban from publishing their applications.

Google Drops Ban On Non-Custodial Wallet

Meanwhile, Google clarified that non-custodial wallets are NOT in the category of its cryptocurrency exchanges and software wallets policy. It confirmed this in a tweet amid widespread backlash, adding that it was updating its help center to further ensure clarity.

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Nonetheless, other trading and custody applications in several other jurisdictions would be affected by this new policy. Notably, developers in each country had different criteria, all aimed at ensuring that they meet industry standards amid the evolving crypto regulatory landscape.

For crypto exchanges and wallets in the US, the new policy expects that they register with the Financial Crimes Enforcement Network (FinCEN), identifying themselves as money services businesses. Alternatively, they can obtain a license as a money transmitter from a state.

Also Google mandated that crypto app developers in the European Union must be crypto-asset service providers (CASP) certified under the new MiCA regime. The internet giant also requires adherence to any national-level requirements aside from MiCA. Notably, France and Germany-based crypto and software wallets have until June 30, 2026, and December 30, 2025, to abide by these rules.

Crypto wallet developers in the United Kingdom were only required to register with the Financial Conduct Authority (FCA).

Google Play’s Policy History On Crypto Applications

Remarkably, Google Play has implemented severe measures against crypto applications in the past. It banned mining apps in 2018 and unpublished the Bitcoin Blast video game two years later.

Google also required non-fungible token (NFT) gamers to disclose their features to enter the Play Store in 2023 and mandated that they discontinue gambling on their applications.

Currently, crypto exchanges and software wallets, tokenized digital asset vendors, and NFT gamification applications are among the platforms that require special attention in the Google Play Store blockchain content page.