Google Play Suspends Crypto Wallet Apps Lacking Banking Authorization: What Are the Regulations?

Jakarta, Pintu News – Google Play Store has announced a new policy affecting crypto wallet apps. The policy demands that all crypto wallet app developers have an official financial services license before their apps can be published on the platform.

The policy is applicable in 15 jurisdictions including the United States, the European Union, and others, which has caused great concern among app developers.

Check out the full information in this article!

New Policy: Impact on Crypto Wallets

A recent policy from the Google Play Store stipulates that only crypto wallets that have official financial licenses can operate. In the United States, developers must be registered as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN) and have a money transmitter license from at least one state.

This policy also applies similarly in the European Union where developers must be registered as Crypto Asset Service Providers (CASPs) under the Markets in Crypto-Assets (MiCA) regulation. This policy was introduced with the aim of creating a safe and compliant ecosystem.

However, this poses a major challenge for non-custodial wallet developers who previously did not require a similar license. This policy also contradicts FinCEN’s 2019 guidance which states that non-custodial wallets are not considered money transmitters.

Also read: Justin Sun Sues Bloomberg Over Crypto Asset Leak, What Happened?

Impact on Developers and Innovation

According to Crypto Times, this new policy poses a heavy burden on crypto wallet developers, especially those that are non-custodial in nature. The cost of meeting the license requirements can be quite expensive, so many small developers may not be able to afford it.

This could potentially stifle open innovation and limit users’ access to tools that protect their privacy. Additionally, this policy could limit the distribution of crypto wallets to only large players that have the resources to meet the license requirements.

This could change the landscape of crypto wallets on mobile, where only apps from large entities can survive. Critics argue that this would stifle innovation from the ground up and reduce the variety of options for users.

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Reference

• Crypto Times. Google Play Bans Crypto Wallets Without Banking Licenses. Accessed on August 15, 2025
• Coingape. Google Play Store Mandates Licenses for Crypto Apps. Accessed on August 15, 2025
• BeInCrypto. Google Crypto Wallet Ban in US and Europe. Accessed on August 15, 2025
• Featured Image: Crypto rank