A Strategic Shift Toward Bitcoin ETFs

The roadmap has been submitted to the Presidential Committee on Policy Planning and includes a comprehensive framework covering investor protection, custody infrastructure, and evaluation mechanisms. Key aspects of the plan focus on regulatory standards, anti-manipulation measures, and improved fee transparency.

In a formal statement, the FSC emphasized its intent to “develop a foundation for launching crypto ETFs by establishing systems for issuance, custody, operations, and investor safeguards.”

From Restriction to Innovation

Historically cautious in its approach to digital assets, South Korea had previously banned crypto-linked investment products for retail investors. However, the landscape is now shifting under the leadership of President Lee Jae-myung, who campaigned on making South Korea more welcoming to digital assets. His administration now appears ready to deliver on those promises.

Staying Competitive in the Global Crypto Race

As the United States and the European Union continue to advance crypto-friendly policies, South Korea is determined not to be left behind. The roadmap goes beyond Bitcoin ETFs—it also includes the introduction of a Korean won-pegged stablecoin by the end of 2025. This initiative is seen as a response to concerns highlighted in a 2024 IMF report, which warned of over $40 billion in capital outflows during early 2025.

South Korea’s Growing Role in the Crypto Market

According to FSC data, South Korean citizens held over 104 trillion won in crypto assets by the end of 2024. The introduction of spot Bitcoin ETFs is expected to increase both institutional and retail participation significantly.

Experts believe that the upcoming ETF framework will open new doors for investors and could solidify South Korea’s position as one of Asia’s leading crypto finance hubs.

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Google Play Restricts Access to 17 Unregistered Crypto Exchanges for South Korean Users

Google Play has imposed access restrictions on 17 unregistered overseas crypto exchanges serving South Korean users. This action was taken at the request of the Financial Services Commission (FSC) of South Korea. On March 21, the Financial Intelligence Unit (FIU) of the FSC announced that sanctions would be considered for exchange operators who had not notified the regulators. Following this, the FIU coordinated with the Korea Communications Standards Commission (KCSC) to block access to these exchanges.

As of March 26, the FSC announced that 17 out of 22 unregistered platforms had been blocked from the Google Play Store. This restriction effectively limits user access by preventing new downloads and updates of the affected applications.

Google Play Restricts Access to 17 Unregistered Exchanges

The FSC confirmed that the 17 exchanges on the list are now restricted on the Google Play Store, meaning users can no longer download or update their apps. The exchanges affected by this restriction include KuCoin, MEXC, Phemex, XT.com, CoinEX, Poloniex, BTCC, BitMart, among others.

The FSC stated that this move would help prevent money laundering and protect local users. The FIU also coordinated with Apple Korea and KCSC to block access to the exchanges’ websites and App Store. KuCoin has been following regulatory developments in South Korea but has not provided information on its plans.

South Korean Exchanges Facing Controversy

The actions taken by South Korean regulators against unregistered exchanges are seen as part of increasing scrutiny on crypto trading platforms. On March 20, the Seoul Southern District Prosecutors’ Office raided the offices of Bithumb. Prosecutors initiated an investigation into the alleged financial misconduct of the exchange’s former CEO.

Prosecutors suspect that Bithumb board member Kim Dae-sik used company funds to purchase a personal apartment. Additionally, a Wu Blockchain report alleged that Bithumb and Upbit paid intermediaries for listing token projects. In response, Upbit demanded the disclosure of the identities of the projects that allegedly paid for listings.

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