South Korea expands the prohibition on applications of digital asset firms that deliver its citizens. On April 11, the country’s Commission Services Commission (FSC) (FSC) announced The 14 crypto exchanges were blocked at the Apple store. Among the affected exchanges were Kucoin and Mexc.
The report, which was made public on April 14, said the prohibited exchanges were said to operate as unregistered virtual asset operators. The report also states that the Financial Information Analysis Institution (FIU) will continue to promote the obstruction of the app and internet sites of such operators to prevent money losses and user damage.
Request to block Applications in Apple’s store will come after Google Play That -block access to some unregistered exchanges on March 26. Kucoin and Mexc are also targeting Google Play Apps. FSC published a list of 22 unregistered platforms operating in the country, with 17 of them blocked in the Google market.
The 17 crypto exchanges are blocked with Google Play. Source: FSC
According to the FSC report, users will not download apps at Apple store, while existing users will not update apps. The FSC’s note that “unscrupulous business activities are penalties” with penalties of up to five years in prison and a fine up to 50 million winners ($ 35,200).
FIU denotes sanctions against unregistered Vasp
On March 21, South Korea publication reported that Hankyung was that FIU and the FSC were Considering -penalties against crypto exchanges Running the country without registering with local regulators. Penalties include blocking access to companies’ apps.
In South Korea, crypto sales operators, broker, management, and storage should be reported to FIU. The failure to comply with the registration and reports is subject to penalties and penalties.
Related: South Korea reported the first crypto ‘pump and dump’ case under the new law
The latest penalties come as crypto Reaches a “saturation point” in South Korea. On March 31, users of the country’s crypto exchange passed 16 million – equivalent to more than 30% of the population. Industry officials predict that the number could exceed 20 million by the end of 2025.
More than 20% of South Korean public officials hold cryptocurrencieswith a total amount of up to $ 9.8 million on March 27. Different possessions and with Bitcoin (Btc), Ether (Eth), XRP (XRP), and dogecoin (Doge).
