South Korea Tightens Crypto Access as Google Play Blocks Unregistered Exchanges

South Korea is tightening its grip connected however crypto platforms scope users, utilizing app stores arsenic an enforcement lever arsenic regulators sharpen the bound betwixt compliant integer concern and unregistered crypto activity.

The state has precocious authorities establishing a ineligible model for information token offerings, creating a regulated pathway for blockchain-based issuance and trading of tokenized securities.

The National Assembly passed amendments to the Capital Markets Act and the Electronic Securities Act connected Thursday, institutionalizing tokenized securities crossed debt, equity, and concern declaration products.

The model defines information token offerings arsenic securities nether the Capital Markets Act “whose issuance and organisation accusation is recorded and managed connected a blockchain-based distributed ledger,” a unsmooth translation of the connection reads.

Implementation volition beryllium led by the Financial Services Commission and the laws acceptable to instrumentality effect successful January 2027 pursuing a one-year mentation period.

These definitions would “enable distributed ledger-based securities, relationship absorption and greater utilization of astute contracts," the Financial Services Commission wrote. The caller infrastructure could besides assistance bolster “the usage of astute contracts” and is “expected to go much active.”

The regulatory propulsion connected tokenized concern runs alongside tighter enforcement astatine the organisation level.

Google Play, the superior app marketplace for Android devices, has implemented caller restrictions affecting crypto apps successful the country. Under the updated policy, crypto exchanges and wallet providers indispensable registry arsenic virtual plus work providers with South Korea’s Financial Intelligence Unit to stay listed connected the Play Store.

Beginning January 28, Android users successful South Korea volition nary longer beryllium capable to download oregon update apps from unregistered overseas exchanges.

Only 27 home platforms, including Upbit and Bithumb, person completed FIU registration, portion large planetary exchanges specified arsenic Binance, Bybit, and OKX stay unregistered, leaving their apps efficaciously blocked from caller installs and updates successful the section Google Play marketplace.

The regularisation efficaciously cuts disconnected a large organisation transmission for platforms that person continued to service Korean users without section authorization.

“As an enforcement tool, the interaction is substantial,” Siwon Huh, researcher astatine South Korean crypto probe steadfast Four Pillars, told Decrypt.

Android users “account for implicit 80%” of the South Korean marketplace arsenic of Q3 2025, Huh noted.