Wake up motherfuckers, if you thought it couldnt get any worse, it just did:
Google Play Store is banning all non-custodial wallets whose developers do not have a FinCEN registration, state banking license, or MiCA license.
This means that in the US, *all* non-custodial wallets on the Play Store will have to employ AML/KYC.
Sounds bad? In the EU, it’s even worse:
MiCA licenses are not issued to services as simple as non-custodial wallets, effectively banning non-custodial wallet developers from the Play Store in the EU.
As with all dumb AML ideas, it’s of course the FATF that opened the door to this nonsense, claiming that even non-custodial/decentralized software could have some element of control over funds.
The DOJ tried to enforce this quagmire with Samourai and Tornado Cash, and now we’re seeing the largest App Store in the world enforce it on its own.
After regulation by prosecution, here comes regulation by monopoly
Are you tired of winning yet?
@note1dkrcd...
Google Play Store is banning all non-custodial wallets whose developers do not have a FinCEN registration, state banking license, or MiCA license.
This means that in the US, *all* non-custodial wallets on the Play Store will have to employ AML/KYC.
Sounds bad? In the EU, it’s even worse:
MiCA licenses are not issued to services as simple as non-custodial wallets, effectively banning non-custodial wallet developers from the Play Store in the EU.
As with all dumb AML ideas, it’s of course the FATF that opened the door to this nonsense, claiming that even non-custodial/decentralized software could have some element of control over funds.
The DOJ tried to enforce this quagmire with Samourai and Tornado Cash, and now we’re seeing the largest App Store in the world enforce it on its own.
After regulation by prosecution, here comes regulation by monopoly
Are you tired of winning yet?
@note1dkrcd...