Crypto exchanges face ban in South Korea as Google Play updates rules

Google will require proof of FIU registration acceptance for crypto apps, raising compliance hurdles for offshore exchanges serving South Korean users.

Google is rolling out updated crypto app requirements in South Korea, a move that may significantly restrict access to offshore crypto exchanges by tying app availability to local regulatory clearance. 

According to South Korean media outlet News1, starting Jan. 28, crypto exchange and wallet apps listed on Google Play in South Korea must upload documentation proving that their Virtual Asset Service Provider (VASP) registration with the country's Financial Intelligence Unit (FIU) has been accepted. 

Google reportedly clarified that developers listing crypto exchange and custodial wallet apps must upload proof of completed FIU registration acceptance through its developer console. 

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