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South Korea’s Financial Services Commission said crypto wallet services on Telegram are also subject to virtual asset service provider registration requirements if they operate for domestic users, News1 reported.
According to the report, the commission said in a written response for a parliamentary audit to a question from People Power Party lawmaker Park Joon-tae that even overseas operators are required to register if they conduct business targeting users in South Korea, depending on the substance of the services they provide. The commission added that services embedded within a messenger platform are not exempt. It said registration eligibility will be determined by examining the actual service provided and whether it is doing business in South Korea, even if the service is integrated into a messenger app. Factors include whether it offers Korean-language services, supports won-denominated payments, and engages in customer acquisition activities targeting domestic users. The commission said registration requirements are not waived simply because a service is offered by an overseas operator or from within a messenger platform.