Google is introducing new rules for crypto-related apps in South Korea that could limit access to foreign trading platforms.
The company plans to link app availability to official registration with local authorities, which may block unregistered exchanges from appearing on the Play Store.
As reported by South Korean outlet News1, the new policy takes effect on January 28.
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Crypto exchanges and wallet providers listed on Google Play in South Korea will have to submit proof of registration as Virtual Asset Service Providers (VASPs) with the Financial Intelligence Unit (FIU).
Developers will need to upload this verification via Google’s Developer Console. If they fail to provide the required documentation, their apps may be blocked for South Korean users.
The update is expected to affect major international exchanges. News1 mentioned Binance
$4.65B
and OKX
$1.21B
as examples of companies that could face restrictions if they cannot meet the new criteria.
Under South Korean law, crypto exchanges offering services to local users must register with the FIU.
However, for companies based abroad, meeting the registration standards can be complicated. It usually involves setting up a local branch, building anti–money laundering systems, and passing in-person inspections.
They also need an Information Security Management System (ISMS) certification to ensure their data protection standards meet South Korean requirements.
South Korea announced plans to enforce a rule requiring cryptocurrency exchanges to meet the same “no‑fault” standards as banks. What does the rule cover? Read the full story.
