Starting January 28, Google Play in Korea will implement new regulations requiring overseas virtual asset exchanges to complete VASP registration with the Financial Intelligence Unit (FIU) and obtain an "acceptance" certificate. Without this, exchanges will be unable to list or update their apps in Korea. Google has clarified that merely submitting documents is insufficient; the FIU acceptance file must be uploaded.
The process to obtain acceptance involves establishing a Korean entity, obtaining ISMS certification, and undergoing rigorous scrutiny. Industry insiders anticipate that major exchanges like Binance and OKX may face challenges in continuing to offer download and update services in Korea, risking disruption in actual usage.
Google Play Korea to Enforce New Rules for Overseas Crypto Exchanges
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