South Korea Tightens Crypto Regulations, What Impact on Users?

Jakarta, Pintu News – South Korea recently took a major step in regulating the cryptocurrency market by asking Google to block access to several unlicensed crypto exchanges. The move is part of the country’s efforts to strengthen anti-money laundering rules and protect investors from potential losses.

Google and South Korea in Action: Crypto Exchange Blocking

South Korea’s Financial Intelligence Unit (FIU) has asked Google to block access to 17 unlicensed crypto exchanges. These include KuCoin, MEXC, Phemex, and others that have been identified as unregistered virtual asset service providers.

Google has responded positively and blocked user access in South Korea since yesterday. This move comes after growing concerns regarding crypto theft and money laundering activities. South Korea has also announced plans to revise existing regulations to strengthen anti-money laundering rules in the country.

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New Regulations and Their Impact on Users

As part of the new regulations, the Google Play Store will also not allow users to download or update apps from crypto exchanges that are listed as unlicensed.

In addition, the Korea Communications Standards Commission (KCSC) is also working with Apple Korea to block access to these platforms through the internet and the App Store.

The Financial Services Commission (FSC) believes these measures can help prevent money laundering activities involving crypto assets and avoid future losses for local users. The FIU has also scrutinized KuCoin, one of the top crypto exchanges.

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Crypto Regulation Comparison: South Korea and the United States

While South Korea is tightening access and regulation to crypto exchanges, the United States, under President Donald Trump’s leadership, tends to relax the norms. The US has rejected several existing crypto lawsuits, indicating a more permissive approach to crypto markets.

This difference in approach highlights how the two countries balance innovation and investor protection in the rapidly evolving crypto market.

The impact of these approaches is likely to differ, with South Korea’s caution likely to affect Asian markets, while the US’ permissiveness could potentially shape regulatory norms in Western countries.

Conclusion

South Korea continues demonstrating its commitment to creating a safe and regulated environment for crypto asset trading. With tightened regulations, the country hopes to reduce risks and protect investors from unwanted losses. These measures are expected to set an example for other countries in regulating new financial technologies.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Coingape. South Korea Urges Google to Restrict Access to Unlicensed Crypto Exchanges. Accessed on March 27, 2025
• Coinpedia. South Korea’s Crypto Crackdown: What Traders Need to Know. Accessed on March 27, 2025
• CryptoSlate. South Korea Blocks 17 Overseas Crypto Exchange Apps in Registration Crackdown. Accessed on March 27, 2025
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