In the United States, the policy requires that "the developer must be either (a) registered with FinCEN as a Money Services Business and with a state as a money transmitter or (b) a federal or state chartered bank entity." An MSB registration then requires entities to adhere to strict Anti-Money Laundering (AML), Counter Terrorist Financing (CTF), and Know Your Customer frameworks (KYC).
Google's policy thereby goes well beyond what is required of non-custodial wallets by law. As clarified in FinCEN's 2019 guidance on Convertible Virtual Currencies, FinCEN makes clear distinctions between "hosted" (meaning custodial) and "unhosted" (meaning non-custodial) wallets, which it does not classify as money transmitters.
As the number one cost point for financial institutions, the compliance programs required of MSBs by FinCEN would drive the majority of non-custodial wallets out of the Play Store, stifle free software innovation to a crippling degree, and force AML/KYC on all non-custodial wallets available on out-of-the-box Google devices.
In the EU, they're effectively disallowing non-custodial wallets entirely:
In the EU, the Policy states that "the developer must be authorised as a crypto-asset service provider (CASP) under the markets in crypto-assets (MiCA) regulation by a relevant national competent authority. Any other local legal requirements, including any national-level restrictions or requirements beyond MiCA, must also be complied with."
Licensing burdens aside, a MiCA license would thereby not be issued to a simple non-custodial software wallet, effectively excluding all non-custodial wallet developers from offering software in the Google Play Store in the EU, leaving licensed CASPs as the only organizations to be able to offer non-custodial wallets for the Play Store.
Banger at the end:
After the attempted (and partially successful) regulation by prosecution in the US to force non-custodial software under existing regulatory regimes, we appear to now be entering the era of regulation by commercial enforcement, where non-custodial software is required to comply with custodial regulations not by law, but by monopoly.
This reminds me of the censorship complex we saw emerge over the last decade: transnational corporations barter with the freedoms of customers to avoid prosecution on the basis of monopoly and for-profit violations of customer rights.
2025 is shaping up to be the year of "look how gated we can make the internet!" It would be really cool if this led to the mainstreaming of sideloading and making it easier to get apps on your phone without using the two big app stores. I'm not going to hold my breath though.
At least the Play store isn't the only option for getting apps on Android phones. But for the average user, this is going to add yet another thing to learn.
Notice how on iOS, the Apple app store is the only reasonable way. Even developers can't put their own apps on their own phones without permission. And when they do, the apps time out after two weeks.
Ridiculous.
Regulators are going to contrast everything but brain rot, it's amazing /j
Anything that looks weak/innocuous/corruptible gets a relatively free pass. Anything thing that disrupts The Order is treated like a danger. Airport security was made by governments and in their own image.
Brain rot serves the purposes of the overlords
Remember the Apple Damus ban a few years ago? That was nothing.
The powers that be, are not stupid, this is the first turn of the vice, they will have many more dirty tricks up their sleeve.
But the most damaging outcome, is well known by the powers that be, it will scare off any potential uninitiated normies.
any good guides on how this could be bypassed on android etc if it did come into effect?
It became even more urgent for me to leave Apple
For all serious Bitcoin computing work use Linux.
Coinos banned on Android??
Electrum will no longer be viable on Android?
Get those sus wallets outta here
@BitcoinErrorLog had a low-drama take on X:
Also Jungle Francis:
https://xcancel.com/francispouliot_/status/1955741727651942441
JC is correct on this? Xitter reporting Google clarifying to JD that the rumours are not correct
Right you are:
view on x.comMost likely this was a trial balloon to test public response. If we hadn't raised hell immediately good chance it would go through.
As it is, this is extremely bad anyway: it'll still ban lots of useful wallets, including cashu wallets, LN wallets that use tech like cash to build up enough of a balance to open a channel, etc. etc. Even Zeus won't be allowed: they recently added cashu support.
Wait why is cashu targeted by this if it's not self-custodial?
Ecash mints are custodial. They are like banks that give you bank notes that allow you to redeem your money from the bank in the future.
So this information is... not correct?
So non-custodial wallets on Google Play, in the US and EU aren't restricted???
Looks that way, the rage have updated their view lol
https://xcancel.com/NewsFromGoogle/status/1955743865144795581
hey fuck that guy and his takes
https://xcancel.com/BitcoinErrorLog/status/1955724081560449162
And then there's this take by @petertodd:
https://xcancel.com/peterktodd/status/1955713261719941133
Be aware of CIA assets manipulating online...
I actually think this is a good thing long term, but I also don't think it will last.
It seems like a set-up just for it to be knocked down after a big spectacle... Trump will come in with some anti-trust saber rattle and have it reversed... notching yet another W and leaving hipsters confused yet again as to whether they should cry or rejoice.
Trumping hipsters is an evergreen psyop.
It would be a good thing because if your Bitcoin app relies on Google or Apple distribution it's garbage architecture from the ground up. Less mobile nodes on compromised hardware and less fake L2 wallet herding sheep is good for Bitcoin.
This is a non-problem still for Android users, the more users leave the Apple eco-system the better too.
If you're building an app in Bitcoin the only correct choice is to go PWA-first, App stores for distribution are just gravy.
It's so simple, just use Nostr in the browser to connect people your REAL node with full sync abilities across multiple devices. There's no excuse.
https://my.shockwallet.app
Well said!
Only statists pussies are afraid of this crap.
I live this because all iShit users are fucked.
Will Coinos still be available on Android?