Google Play may block unregistered crypto apps in South Korea from Jan. 28

The Google Play Store has notified developers that starting Jan. 28, cryptocurrency exchange and software wallet applications must be registered as Virtual Asset Service Providers (VASPs) with South Korea's Financial Intelligence Unit (FIU). This move could lead to download and update restrictions for overseas exchange apps that have not registered with the FIU. According to Google's notice, apps must comply with local laws and industry standards to be published in a given country. If an app lacks the necessary registration or license for a specific location, it will be removed from that country's targeting. The policy explicitly exempts non-custodial wallets. It remains unclear whether proof of VASP application submission is sufficient or if full FIU approval is required. While the five major South Korean exchanges supporting won deposits—Upbit, Bithumb, Coinone, Korbit, and Gopax—already hold VASP licenses, prominent overseas platforms such as Binance, OKX, Bybit, Bitget, KuCoin, Gate.io, BingX, and MEXC do not possess the required license to operate in the country.