KakaoTalk’s Klip Wallet Adapts to South Korea’s Stricter Crypto Rules

• South Korea’s messaging app KakaoTalk reduces the functionality of its crypto wallet, Klip.
• Users can use Klip’s standalone app for crypto-related services.
• KakaoTalk’s move aligns with the new Virtual Asset User Protection Act, taking effect on July 19.

South Korea’s messaging app KakaoTalk has announced a reduction in functionality for its integrated crypto wallet, Klip. This move aligns with the country’s upcoming Virtual Asset User Protection Act, set to take effect on July 19.

KakaoTalk launched Klip within its ecosystem on June 4, 2020, offering users easy access to featured dApps like THETA.tv Korea. Users received TFUEL, which could be converted to Klaytn-based “Beans” tokens, developed by Theta Labs. The platform, developed by Ground X, provides users with a unique opportunity to use crypto assets within the messaging app.

Recent reports indicate that GroundX, in preparation for complying with South Korea’s new crypto regulations, has applied for a virtual asset service provider (VASP) license. While KakaoTalk has opted to scale back Klip’s functionality, the platform aims to mitigate the risks associated with the Virtual Asset User Protecti…

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