South Korea2026.10.16Digital Asset

FSC: "Reviewing Telegram Coin Wallet's Business Practices in Korea... Will Respond Strictly if Unregistered Operation Is Confirmed"

• The FSC is jointly reviewing, with the Financial Supervisory Service (FSS), the structure and Korean business practices of a crypto wallet service built into Telegram.
• The findings were disclosed in an FSC document submitted to the office of Rep. Park Jun-tae (People Power Party), released on October 16.
• The FSC warned it will take strict legal action if the wallet service is confirmed to require virtual asset service provider (VASP) registration but has not registered, flagging it as a new offshore crypto business model combined with a messaging app.