Google recently updated its Play Store policy regarding software wallets, generating initial concerns among users about the implications for self-custodial wallets. The changes will require custodial digital wallet applications, primarily those associated with exchanges, to obtain specific licenses before being distributed in regulated markets. This includes obtaining MiCA authorization in the EU, FCA registration in the U.K., and FinCEN registration in the U.S., with transitional measures in France and Germany.
However, Google clarified that these new regulations do not apply to non-custodial wallets, stating that they are “out of scope” of the updated policy. This clarification came after significant backlash from the crypto community on social media, where users feared the potential impact on self-custodial wallet applications, which often operate without regulatory registration.
The enforcement of these policies is set to commence on October 29. Despite initial fears, Jacob Wittman, general counsel at the Plasma Foundation, described the concerns as overblown, labeling the announcement as a “nothing burger.” He indicated that while these changes highlight the control that tech giants have over distribution, the actual impact may be limited for non-custodial wallet users.
For more details, users can refer to the Help Center and the official blog post.
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