Google Play Store, 'Unreported' Exchange Apps May Be Blocked From Download Starting 1/28

It has been confirmed that the Google Play Store has posted a notice requiring cryptocurrency exchange apps and cryptocurrency software wallet apps to submit a virtual asset service provider (VASP) report to the Financial Information Analysis Institute (FIU) under the Financial Services Commission starting January 28. In this case, downloads and updates of overseas exchange apps that have not been reported to the FIU will be restricted. Google stated, "Cryptocurrency exchanges and software wallets can only be published in the following countries/regions if the app complies with local laws and industry standards. If there is no required registration or licensing information for a specific location, remove that location from the app's targeted countries/regions. Developers must meet additional licensing requirements in accordance with local laws. However, non-custodial wallets are not included in the scope of this policy." Meanwhile, it has not yet been clarified whether the regulation only requires proof of submission of a VASP report to the FIU, or if it is linked to the FIU's acceptance of the report. The five major exchanges that support KRW deposits and withdrawals (Upbit, Bithumb, Coinone, Korbit, Gopax) have VASPs, but major overseas exchanges such as Binance, OKX, Bybit, Bitget, KuCoin, Gate.io, BingX, and MEXC have not obtained domestic VASP licenses.