South Korea Tightens Crypto Reins, Blocks Unregistered Apps on Apple Platform
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- South Korea blocks 14 crypto apps on Apple’s App Store
- Several weeks earlier, the country banned 17 crypto apps on Google Play Store
- South Korea has strict financial regulations, and VASPs that fail to comply risk a 50 million won fine or jail time of up to 5 years
Today, South Korea’s Financial Intelligence Unit (FIU), operating under the Financial Services Commission (FSC), intensified its regulatory actions by blocking access to 14 mobile applications on Apple’s App Store. These were operated by ‘unregistered’ foreign Virtual Asset Service Providers (VASPs), including exchanges such as KuCoin and MEXC.
Something similar happened in late March when the FIU collaborated with Google to restrict 17 unregistered crypto apps on the Google Play Store.
How Strict Are South Korea’s Crypto Rules?
The country is known for strict financial regulations, including the crypto industry. South Korea mandates that all VASPs offering services to its residents must register with the FIU, adhering to the Specific Financial Transaction Information Reporting and Use Act. Failure to do so could result in huge penalties, including fines of up to 50 million won (roughl…
The post South Korea Tightens Crypto Reins, Blocks Unregistered Apps on Apple Platform appeared first on Coin Edition.
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