2026-01-16 08:29:31

Google Play Korea recently announced new regulations: starting from January 28, all overseas virtual asset exchanges must complete a full process—report to the Financial Intelligence Unit (FIU) as a VASP and obtain an "acceptance" certificate. Simply submitting materials is not enough; they must wait for FIU's official approval and issuance of the acceptance document before launching or updating applications in Korea.

What does this mean? Exchanges cannot just go through the motions. To obtain the acceptance certificate, they usually need to establish a local legal entity in Korea and pass ISMS (Information Security Management System) certification... In plain terms, this is Google strengthening its scrutiny of virtual asset platforms.

For exchanges, this threshold is neither too high nor too low, but it does require time and resources to complete. The entire process involves compliance, security, and other aspects, especially for platforms that do not yet have a Korean operational system, which incurs significant time costs. The January 28 deadline is approaching quickly, and each company must act swiftly.

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FlyingLeek

· 15h ago

Here comes another round of regulatory crackdown; small exchanges are now panicking.

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tx_pending_forever

· 15h ago

Korea is moving so quickly; the deadline is already on January 28th. Small exchanges are probably going to shut down.

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BearWhisperGod

· 15h ago

Here we go again, Google is really putting the squeeze on exchanges this time South Korea is tightening regulations again, small platforms must be panicking now There’s really not much time left until January 28th, hurry up and submit your materials Compliance is something you have to face sooner or later, you can't avoid it Exactly, why insist on a local legal person? Isn't this forcing small coin exchanges to shut down? Now let’s see who still dares to secretly list products Getting ISMS certification costs money again, and the costs are rising Honestly, these rules are a piece of cake for large exchanges, but mid-tier platforms are the ones losing out Wait, does this mean South Korea is moving towards comprehensive regulation? It seems like the big players are trying to push out small and medium-sized exchanges Google’s move is well played, at least it can reduce the number of non-compliant trash projects

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GmGmNoGn

· 15h ago

Another wave of regulatory crackdown? Korea is really on a pace to shut down small exchanges. --- With the deadline on the 28th so tight, how many platforms can really handle it... --- Localization, certification, obtaining approval certificates—Google is really stirring up trouble. --- Honestly, small platforms are getting a bit panicked now, compliance costs are skyrocketing. --- Korea is starting to stir again; trading income is forced to find a new way to survive. --- By January 28th, major platforms should already be working overtime, lol. --- It’s always like this—regulations come and reshuffle the deck, big fish eat small fish. --- Setting up local legal entities, passing ISMS, and waiting for FIU approval—these processes are like rushing a job fair. --- Isn’t this just openly saying that platforms with no barriers should get out... --- Korea is really raising the entry threshold; it seems only professional virtual asset firms can survive now.

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GasFeeVictim

· 15h ago

South Korea's combined approach really isn't joking around; small platforms are about to go crazy. --- It's VASP, local legal entities, ISMS certification—feels like the process is more complicated than the actual business. --- Is the deadline on the 28th? We're only hearing about this now—how many exchanges will fall behind? --- Basically, they want to push out all non-compliant platforms, but for leading exchanges, it's just a matter of cost. --- This is getting interesting—let's see who can get these documents done before the deadline. --- Compliance costs are rising, and the survival space for small exchanges is shrinking. A major industry reshuffle is coming. --- Google Play is acting like a sieve for governments worldwide, or are they really protecting users? --- Korean financial regulators are really extending their reach; they haven't spared virtual asset platforms either. --- It seems that as long as it involves finance, it ultimately can't escape the wheel of compliance. --- With such a tight schedule, many platforms might just choose to withdraw from the Korean market altogether.

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MetaverseVagrant

· 15h ago

I am a seasoned Web3 player and have seen many project teams struggle for compliance. This time, Korea's crackdown is likely to make small exchanges cry; January 28th is simply too soon. --- Another big move for compliance—are the good days for exchanges coming to an end? --- Not gonna lie, the FIU approval process will probably freeze many platforms. The Korean market is about to change. --- Damn, local legal entities, ISMS certification, acceptance documents... handling all this is tough. Small platforms might as well drop out directly. --- Google is playing hardball. On the surface, it seems to be about user convenience, but in reality, it's clearing the field with a strong purpose. --- Korea is tightening regulations again. Let's see which platforms can't hold up and decide to withdraw. --- Is the deadline at the end of January? It's already the 10th-something, and there’s really not much time left for each platform. They need to start the process quickly. --- This is the real regulation coming—having money alone isn't enough; you also need a compliant Korean system. --- Small platforms already have a tough life, and this crackdown is just adding insult to injury. --- Google is playing for real this time, unlike before when it was just a bluff.

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LiquidityWhisperer

· 15h ago

Korea is starting to block users again. The deadline on the 28th is just too tight. Now small exchanges are going to be crying again.

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