South Korea’s Unexpected Crypto Saga: Regulating the Wild West of Digital Currencies! 😂

by

In a surprising twist that would make any plot twist enthusiast proud, the Financial Services Commission (FSC) proclaimed on the 11th of April that a horde of 14 crypto trading platforms had been ousted from the revered Apple App Store. Ah, the lost souls! Among them, the notorious KuCoin and MEXC, their fates sealed in the digital realm.

This audacious act follows an earlier digital eradication spree on Google Play, where 17 exchanges were struck off for daring to reach out to South Koreans sans their local bourgeoisie registration. The authorities, quite magnanimous in their intentions, have labeled these platforms as rule-breakers, gallivanting as overseas entities without the slightest nod to local regulators.

With an air of solemn seriousness, a report published on April 14 revealed that South Korea’s Financial Intelligence Unit (FIU) will persist in its tireless pursuit of unregistered virtual asset service providers (VASPs), targeted like mosquitoes at a summer picnic. Officials assert that this crackdown is merely a cog in the grand machine designed to curtail financial mischief and shield consumers from the perils of unregulated crypto shenanigans.

The FSC has ominously warned that any foolhardy enough to engage in crypto enterprises in the South Korean dominion without the necessary registration could find themselves shackled for up to five years, alongside fines jingling around ₩50 million (roughly $35,000). And just like that, their access to these blacklisted apps on iOS devices is clipped, further curtailing their dalliance with overseas platforms.

This regulatory onslaught comes hot on the heels of a crypto frenzy; by March’s end, over 16 million South Koreans — a staggering 30% of the populace — had joined the crypto party, with projections hinting that this number might swell beyond 20 million by 2025. How utterly extravagant!

Local dignitaries have made it abundantly clear that exchanges dabbling in crypto sales, storage, or brokerage must play by the rules and get cozy with the FIU. Failure, my dear reader, might just result in complete obliteration of platforms as the government dons its enforcement cape.

Read More

2025-04-15 10:14