South Korea's Big Move on Crypto: What's Changing and Why It Matters

South Korea is making big changes to how people can access crypto. They are tightening rules and using app stores to enforce them. This is part of a bigger plan to create a legal framework for crypto and blockchain-based finance. The country has passed new laws that define security token offerings as securities. These laws will come into effect in January 2027. The Financial Services Commission will lead the implementation. The new laws aim to enable the use of smart contracts and distributed ledger-based securities. At the same time, Google Play has started restricting crypto apps in South Korea. Only registered crypto exchanges and wallet providers can be listed on the Play Store. This means that users can no longer download or update apps from unregistered overseas exchanges.Only 27 domestic platforms have completed the registration process. Major global exchanges like Binance, Bybit, and OKX are not registered. This means their apps are effectively blocked from the local Google Play marketplace. This move by Google is significant. Android users account for over 80% of the South Korean market. Workarounds like web browser trading or APK sideloading exist, but they are not practical for most users. Google's move seems to be in line with South Korea's broader regulatory direction. It is not clear if the government asked Google to do this. However, it could be a chance for the government to push for broader restrictions. In the long term, this could drive a separation between regulated sectors and high-risk crypto markets. It is a big change for crypto users in South Korea.