Google is implementing updated crypto app requirements in South Korea, linking app availability to local regulatory approval. Apps must prove Virtual Asset Service Provider (VASP) registration with the country’s Financial Intelligence Unit (FIU) by Jan. 28. Failure to comply may result in app blocking.

The new policy could impact major overseas exchanges like Binance and OKX. South Korea requires exchanges to register with the FIU, a process that can be challenging for offshore companies. Binance has a stake in a local exchange, while OKX faced allegations of operating without registration in South Korea.

Google’s policy shift is part of a broader effort to align crypto apps with local financial regulations globally. In the United States, developers must register with FinCEN, while EU developers must qualify as licensed crypto-asset service providers. The requirement in South Korea is part of this wider initiative.

While Google tightens app access in South Korea, the country is advancing a tokenization framework to integrate blockchain into capital markets. Amendments to the Electronic Securities Act and the Capital Markets Act allow for tokenized securities and regulated distribution of investment contract securities, supporting blockchain-based issuance and settlement.

Read more at Cointelegraph: Google Play Policy Shift Threatens Crypto Exchange Access in South Korea