South Korea’s Google Play Store will begin enforcing stricter compliance rules for overseas cryptocurrency exchanges starting January 28, a move that could significantly limit access to major global platforms for Korean users.
New Policy Requirements for Overseas Exchanges
Under the updated policy, overseas virtual asset exchanges seeking to remain listed on Google Play, or to update their existing apps, must complete registration as virtual asset service providers (VASPs) with South Korea’s Financial Intelligence Unit (FIU), which operates under the Financial Services Commission (FSC).
Google clarified that simply filing registration documents will not be sufficient. Exchanges must upload proof of formal FIU approval to maintain or modify their apps.
Industry sources said the updated virtual asset exchange and software wallet policy was announced by Google on January 15 and will take effect later this month. The new rules align Google Play’s app market requirements more closely with South Korea’s domestic crypto regulations.
Challenges for Global Platforms
To obtain FIU approval, overseas exchanges must establish a Korean legal entity, comply with anti-money laundering (AML) regulations, and secure Information Security Management System (ISMS) certification from the Korea Internet & Security Agency (KISA). These requirements involve extensive reviews and technical assessments, making the approval process time-consuming and costly.
As a result, industry observers expect that many offshore exchanges will struggle to meet the deadline. Major global platforms such as Binance and OKX are widely expected to be blocked from new downloads and app updates on Google Play in South Korea once the policy takes effect.
While existing users may retain access to installed apps for a limited time, the inability to update software could affect functionality, security, and user experience.
South Korea's Regulatory Stance on Crypto
South Korea has maintained one of the world’s most stringent regulatory environments for cryptocurrency trading, prioritizing consumer protection and financial transparency.
The FIU registration framework was designed to bring crypto platforms under the country’s AML oversight, similar to traditional financial institutions.
Implications of Google's Enforcement
Google’s move is seen as reinforcing regulatory enforcement through app distribution channels rather than direct market bans.
By requiring documented regulatory approval, the policy effectively places compliance responsibility on app developers themselves.
The updated rules could further consolidate South Korea’s crypto market around domestically licensed exchanges while increasing barriers for foreign platforms. Market participants will be closely watching how overseas exchanges respond and whether any are able to complete FIU registration before enforcement begins on January 28.