South Korea is intensifying its regulatory scrutiny of cryptocurrency businesses. Authorities are reviewing the legal standing of crypto firms to ensure only compliant entities interact with investors.
Recently, Google Play, adhering to regulatory instructions, barred 17 overseas crypto exchanges, including KuCoin, from being installed on Android devices within South Korea. This also prevents existing users from receiving crucial app updates.
The Financial Intelligence Unit (FIU) is also engaging with Apple to extend these restrictions to the App Store. The goal is to remove apps of unregistered crypto businesses, reinforcing the government’s commitment to tightly controlling the digital asset landscape. This move aims to protect investors and prevent illicit activities within the crypto sector. By limiting access to unregistered exchanges, South Korea seeks to establish a more secure and regulated environment for cryptocurrency trading.
