Summary
- It was reported that Google Play Store has completely banned unlicensed virtual asset wallet apps.
- It was stated that in the United States and the European Union (EU), AML (Anti-Money Laundering) and KYC (Know Your Customer) procedures must be strictly followed.
- The media assessed that, due to this action, non-custodial wallets are effectively banned in the EU.
According to Crypto Briefing, a virtual asset (cryptocurrency) media outlet, on the 13th (local time), Google Play Store has banned unlicensed virtual asset wallet apps.
Under the new policy, non-custodial wallet apps operating in the United States and the European Union (EU) are required to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures.
To this end, in the United States, registration with the Treasury Department's FinCEN or obtaining a state banking license is required, while in Europe, holding a MiCA license is necessary.
The media outlet assessed, "This action effectively bans non-custodial wallets in the EU."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
