Google Play Crypto Wallet Policy Don Tighten Licensing
Google Play crypto wallet policy don require say custodial wallet and exchange apps go secure local financial licenses for over 15 jurisdictions by October 29, 2023. The update dey cover US registration wit FinCEN and state money transmitter licenses, EU MiCA authorization, plus approval from regulators for UK, Canada, Japan, South Korea, UAE, Bahrain, Switzerland, Hong Kong, Thailand and South Africa. France and Germany get transition period till mid-2026 and end-2025 respectively. Non-custodial wallets no dey under Google Play crypto wallet policy. Developers must show say dem comply when dem ask. This move mean crypto app regulation dey tight and compliance burden dey increase for custodial wallet providers.
Bearish
Di tight Google Play crypto wallet policy dey raise operational plus licensing costs for custodial wallet and exchange apps, e fit cause short-term developer palava plus app dem fit comot. Dis fit reduce how users take access custodial solution dem and reduce trading volume for mobile platforms. For long term, standardized licensing go fit build market trust but e go raise entry level wahala, wey fit ogbonge small custodial providers dem. Overall, the increased compliance burden plus regulatory obstacle put dis development bearish for custodial wallet ecosystem.