A new regulation that directly affects the cryptocurrency market is coming into effect in South Korea. Google Play Store has decided to ban the listing and updating of foreign-based cryptocurrency exchanges and software wallets operating unregistered in the country. took. The application, which will come into effect on January 28, will radically change South Korean Android users’ access to many global platforms.
New Era on Google Play: Registration Required
According to Google’s current policy page regarding cryptocurrency exchanges and wallet providers, in order for applications to be included in the South Korean store, they must be registered as a virtual asset service provider with the Korea Financial Intelligence Unit (FIU). Applications of foreign-based platforms that do not meet this condition will not be able to be downloaded or updated in the country.
The application ban will be valid as of January 28. After this date, Android users will not be able to access the applications of exchanges that are not registered with FIU through Google Play. Among the platforms to be removed from the list are Binance, Bybit and OKX, which are the exchanges with the highest transaction volume on a global scale.
According to official records, as of today, there are only 27 local cryptocurrency exchanges registered with the FIU. Among the leaders of the market, Upbit and Bithumb stand out. For foreign exchanges, the registration process is considered extremely challenging due to local security standards and anti-money laundering certificates.
Impact of the Decision on Global Stock Exchanges and Local Investors
South Korean media is of the opinion that the decision will put serious pressure on global cryptocurrency exchanges. News1According to the news, many individual investors in the country prefer foreign platforms for high leverage, arbitrage opportunities and wider cryptocurrency options. Cutting off application access will directly affect the habits of this investor base.
Local streaming platform Digital Asset He stated that various bypass methods have already started to be discussed in the cryptocurrency communities. It was emphasized that methods such as using VPN or manual installation via APK files are in circulation, but these options pose serious security risks for users. Installations outside official channels are open to malware and asset losses.
On the other hand, the application restriction does not include web-based access for now. Investors will continue to access the relevant exchanges via desktop and mobile browsers. However, the possibility that similar steps may be taken for web access or Apple’s application store in the future is being closely monitored by the industry.
South Korea continues to be one of the most active markets on a global scale, with more than 10 million active cryptocurrency users and a market size of 95 trillion South Korean won.
