Google is preparing to take an important step in response to increasing regulatory pressure on South Korea’s cryptocurrency market. Starting January 28, the company will remove applications from foreign virtual currency exchanges that are not registered with local financial authorities from the Korean Google Play Store.
Under Google’s updated Cryptocurrency Exchange and Software Wallet Policy, all developers targeting the South Korean market are required to submit official documentation to the Financial Intelligence Unit (FIU) proving their registration as a Virtual Asset Service Provider (VASP).
Applications that do not meet these conditions will be permanently removed from the store as a mandatory sanction, and users will no longer be able to access them through search or download.
The decision is expected to directly impact some major international stock exchanges that are widely used by Korean investors but are not officially registered in the country.
Applications from platforms such as KuCoin and MEXC may be removed from the Google Play Store if they do not undergo the required registration. This is a significant access limitation, especially for retail investors trading through mobile applications.
Experts say Google’s move is in line with South Korean regulators’ policies aimed at improving transparency and investor protection in the cryptocurrency market. In recent years, the country has increased its oversight of foreign cryptocurrency platforms to combat money laundering and strengthen user security.
Industry representatives say the decision could force global crypto companies wishing to operate in the South Korean market to comply with local regulations, creating a more regulated market in the long run.
*This is not investment advice.
