Financial Authorities Block Access to Unregistered Overseas Virtual Asset Operators on Google Play

Son Min

Summary

The financial authorities announced that they have blocked access to Google Play for 17 unregistered overseas virtual asset operators under the Specific Financial Information Act.
Domestic users on Google Play are expected to be unable to newly install or update these apps.
The financial authorities stated that this measure will contribute to preventing money laundering and protecting users from harm.

The financial authorities have blocked access to applications of 17 overseas virtual asset exchanges operating illegally in Korea without reporting as Virtual Asset Service Providers (VASP) under the Act on Reporting and Using Specified Financial Transaction Information (Specific Financial Information Act).

On the 26th (KST), the Financial Services Commission announced in a press release, "At the request of the Financial Intelligence Unit (FIU), Google LLC has blocked domestic access to 17 unregistered virtual asset operators listed on Google Play (app market) since the previous day." As a result, domestic users will not be able to newly install these apps, and existing users are also expected to face restrictions on updates.

The authorities stated, "The implementation of blocking domestic access to unregistered operators on Google apps will greatly help prevent money laundering using virtual assets (cryptocurrency) and protect users from potential harm," adding, "We will continue to consult with relevant agencies to promptly implement blocking on Apple and internet sites as well."