South Korean regulators expect the move to prevent money laundering and potential damages to local users.
Google Play implemented access restrictions to 17 unregistered overseas crypto exchanges catering to local users in South Korea at the request of the country’s regulators.
On March 21, the Financial Intelligence Unit (FIU) of the South Korean Financial Services Commission (FSC) said it was considering sanctions against operators that did not report to the relevant authorities.
Authorities require virtual asset service providers (VASPs) to report to regulators under the country’s Specified Financial Information Act.
