South KoreaA striking step came from Apple while tightening controls in the crypto currency area. South Korea’s senior financial authority to the application of 14 foreign crypto currency platforms operating in the country APP StoreAccess barriers from the announced. These applications, including Kucoin and Mexc, will no longer access these applications from South Korea. Existing users will not be able to update their applications.
Access barrier to crypto via the App Store
South Korean Financial Services Commission (FSC) announced that Apple has limited the access of these applications in the country as of April 11th. The decision was taken at the request of the Financial Intelligence Unit (FIU). The statement stated that users can no longer upload these applications and receive updates for existing versions.
Among the blocked applications Kucoin, Mexc And there are 12 international crypto currency platforms. The same applications on March 25 Google Play Store It was also closed to South Korea’s access. Authorities emphasize that unregistered activities are at risk within the scope of both user security and the fight against financial crimes.
Foreign according to South Korean laws Crypto Monetary Service providersBefore providing service in the country, they need to register for FIU. Organizations that do not fulfill this requirement face serious sanctions. For illegal organizations, up to 5 years imprisonment or 50 million South Korean Wonuna (about 35 thousand dollars) is expected.
South Korea has long been local Crypto Money MarketIt is working with the aim of making it more transparent and safe. For this reason, criminal sanctions against informal crypto currency platforms are increasing. However, it is also on the agenda to stretch some arrangements in order to serve domestic banks and stock exchanges to corporate investors.
Banks are preparing for crypto currency cooperation
While the regulatory institutions in South Korea implement strict inspections on the one hand, on the other hand, it is working on reforms that make it easier for traditional financial institutions to step into the crypto world. Particularly large banks in the country are for corporate customers Crypto Money Services Legislation is demanding flexibility to present.
The latest developments in South Korea are local of the country crypto currency It shows that it aims to both control the market and keep it open to financial innovations. Local actors argue that foreign crypto currency platforms are out of control pose a threat to both investors and the sector.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
