Policy, South Korea South Korean regulators will proceed to dam unreported digital asset operators from accessing home websites, an announcement mentioned. 

South Korean regulators requested 14 apps from Apple — belonging to unreported international crypto operators — be blocked domestically, a statement said on Monday.

Crypto exchanges KuCoin and MEXC are among the many companies being focused by the regulator, and home entry to their apps have been blocked since April 11. CoinDesk reached out to KuCoin and MEXC for a remark.

Foreign digital asset enterprise operators that wish to function in South Korea must report back to the Financial Intelligence Unit (FIU) in accordance with the Act on Reporting and Use of Specific Financial Transaction Information, the assertion mentioned.

“Unreported business activities are subject to criminal punishment, and the FIU has been targeting overseas unreported virtual asset business operators conducting domestic business activities without reporting (16 companies in 2022, 6 companies in 2023), while also blocking domestic access through Internet sites and mobile phone apps,” the regulator mentioned.

South Korea has been shifting to dam crypto suppliers which might be working illegally. Last month it requested Google forestall entry to 17 apps whereas studies got here out that the regulator planned to block some exchanges sites.

“In the future, FIU will continue to block domestic access through mobile applications (apps) and Internet sites of overseas unreported virtual asset operators in order to prevent money laundering risks and user damage, in consultation with relevant organizations,” the Financial Intelligence Unit mentioned.

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