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Google Headquarters Logo. (Photo: Yonhap News) |
[Alpha Biz= Paul Lee] Global app market leader Google is set to take a strong stance against overseas cryptocurrency exchanges that have not been approved by Korean financial authorities, effectively removing their apps from the Play Store.
Starting January 28, any foreign crypto exchange app that has not registered with Korea’s Financial Intelligence Unit (FIU) as a Virtual Asset Service Provider (VASP) will be removed from Google Play in Korea. This move is expected to significantly impact Korean retail investors who have been using overseas exchanges informally.
According to sources in the virtual asset industry, Google recently updated its “Crypto Exchange and Software Wallet Policy” and announced that the new policy will be fully enforced from January 28. The key change is the mandatory compliance with local regulations.
Under the updated developer policy, Google specifies country-specific requirements for app listing. For developers targeting the Korean market, the policy explicitly requires submission of a VASP registration to the FIU.
This requirement is not a recommendation but a mandatory deletion criterion. Apps failing to meet this condition will not appear in search results or be available for download on Google Play in Korea.
As a result, major overseas exchanges such as KuCoin and MEXC, which are widely used by Korean investors but have not formally registered with local authorities, will be directly affected.
The Korean financial authorities had already attempted in March of last year to block access to 17 unregistered foreign virtual asset service providers suspected of violating the Act on Reporting and Use of Certain Financial Transaction Information (the “Special Financial Information Act”). While Google Play downloads and updates were blocked at the authorities’ request, actual website access was not fully prevented due to delays in enforcement by the Korea Communications Standards Commission.
알파경제 Paul Lee 특파원(hoondork1977@alphabiz.co.kr)
