South Korea continues its strict approach to crypto regulation, leading to Google Play blocking 17 foreign crypto exchanges.
Reasons for the Block
The South Korean regulator Financial Intelligence Unit (FIU) requested Google LLC to block apps from 17 foreign Virtual Asset Service Providers (VASPs) on Google Play. These platforms operated without the necessary licenses. The FIU collaborated with the Korea Communications Standards Commission (KCSC) to restrict access to these exchanges. Notable platforms affected include KuCoin, MEXC, Phemex, and CoinEX.
Impacts on Traders
The block significantly limits access for both new and existing users. New users can no longer download the apps, and existing users will not receive updates. This may lead to an increased market share for local registered platforms like Upbit and Bithumb.
Future of Crypto Regulations
South Korea is known for its stringent crypto policies, and this move indicates tighter controls ahead. Authorities are discussing with Apple Korea and other platforms to extend the blocks. These measures could significantly impact the crypto market in the country, creating new challenges for foreign operators.
South Korea's continued strict regulation of cryptocurrencies could lead to significant changes in the market. Such restrictions might push traders towards seeking alternative ways to bypass these barriers.
