Bae, Kim & Lee outlines impact of Google Play's overseas crypto app block

South Korean law firm Bae, Kim & Lee LLC has outlined the key implications of Google Play's policy to block overseas virtual asset exchange and wallet applications. The firm noted that the policy applies to all overseas crypto businesses not registered with South Korea's Financial Intelligence Unit (FIU), expanding beyond the government's existing blacklist. However, the restrictions do not affect iOS devices, meaning iPhone users can still download and update these apps. The law firm also clarified that virtual asset transfers from domestic exchanges are only restricted for entities on the FIU's blacklist, while transfers to major overseas exchanges and wallets not on the list are expected to remain unaffected.