Google Play is set to enforce stricter compliance rules in South Korea, significantly reshaping how users access global cryptocurrency platforms. Starting January 28, Android users in the country will face limits on downloading or updating apps from unregistered overseas crypto exchanges, marking a major step in South Korea’s tightening digital asset oversight.
New VASP Registration Requirement
Under the updated policy, all cryptocurrency exchanges and wallet providers must be registered as Virtual Asset Service Providers (VASP) with the Korea Financial Intelligence Unit (FIU) to remain listed on the Google Play Store. Platforms that fail to meet this requirement will be removed from listings and barred from updates.
As of now, only 27 domestic platforms have completed FIU registration. Major global exchanges such as Binance, Bybit, and OKX have not registered, meaning their apps will become unavailable to Android users in South Korea once the rule takes effect.
Challenges for Global Platforms
Registration is considered extremely difficult for overseas exchanges, as it requires local security audits, anti-money laundering compliance, and domestic certifications. These hurdles make entry into the Korean app ecosystem highly restrictive for foreign firms.
While browser-based access remains available, regulators may expand restrictions in the future. South Korea is one of the world’s most active crypto markets, with over 10 million users and a market value of 95 trillion won ($64.6 billion) as of mid-2025. Analysts warn the move could disrupt retail trading, as many users rely on overseas platforms for higher leverage, arbitrage opportunities, and broader token access.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.