Google is preparing to take a significant step in response to increasing regulatory pressure on the cryptocurrency market in South Korea. Starting January 28th, the company will remove applications from foreign cryptocurrency exchanges not registered with local financial authorities from the Google Play Store in South Korea.
Under Google’s updated “Cryptocurrency Exchanges and Software Wallets Policy,” all developers targeting the South Korean market are now required to submit official documentation to the Financial Intelligence Unit (FIU) demonstrating their registration as a virtual asset service provider (VASP).
Applications that do not meet this condition will be completely removed from the store as a mandatory sanction and will not be accessible to users via search or download.
The decision is expected to directly affect some major international stock exchanges that are widely used by South Korean investors but are not officially registered in the country.
Applications from platforms like KuCoin and MEXC may be removed from the Google Play Store if they fail to provide the necessary registration. This represents a significant access restriction, particularly for individual investors who trade through mobile applications.
Experts point out that Google’s move aligns with South Korean regulators’ policies aimed at increasing transparency and investor protection in the cryptocurrency market. In recent years, the country has tightened oversight of foreign crypto platforms to combat money laundering and enhance user security.
Industry representatives say this decision will force global crypto companies wishing to operate in the South Korean market to comply with local regulations and could create a more regulated market in the long run.
*This is not investment advice.
