Google’s recent Play Store policy update caused a stir by seemingly requiring non-custodial crypto wallets to obtain financial licenses, threatening user privacy and innovation. After massive backlash, Google backtracked, exempting non-custodial wallets. Join us as we break down the controversy, the community’s response, and what this means for the future of decentralized finance. Stay informed—subscribe for the latest crypto news! #Crypto #NonCustodialWallets #Google #DeFi
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00:00Google recently sparked controversy by announcing a Play Store policy that paid to require all cryptocurrency wallet developers, including those of non-custodial wallets, to obtain financial services licenses in 15 jurisdictions, such as the US and EU.
00:12This would have mandated registration with FinCEN as a money services business in the US or a crypto asset service provider license under MyCA in EU,
00:20fact of the imposing custodial level regulations on non-custodial wallets, which don't hold user funds and are exempt from such requirements by FinCEN's 2019 guidance.
00:28The policy, set to take effect on October 29, 2025, caused significant backlash from developers, legal experts, and crypto advocates who are viewed who could stifle innovation, limit user access to privacy-focused tools, and favor larger custodial entities.
00:42Due to the outcry, Google clarified on August 13, 2025, via a statement on X that non-custodial wallets are not subject to the cryptocurrency exchanges and software wallets policy.
00:51They promised to update the Play Store's Help Center to reflect this exemption, reversing the initial overreach.
00:56Critics, including Paradigm's Justin Slaughter and Consenzi's attorney Bill Hughes, highlighted the policy's misalignment with existing regulations and its potential to act as regulation by commercial enforcement,
01:06driven by Google's interpretation of FAF guidelines rather than legal mandates.
01:10The reversal was seen as a win for the crypto community, preserving user autonomy and fostering innovation in non-custodial wallet development.
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