Crypto.com To Expand Services to South Korea
Adding to its growing list of approvals — Dubai, Greece, Italy, and Singapore.
Leading digital asset exchange platform Crypto.com announced on Monday, August 8, its acquisition of two Korean firms — PnLink Co., a payment service provider and OK-BIT Co., a virtual asset exchange — both of which will receive official licensing inside South Korea.
While the deal sizes remain undisclosed, Crypto.com is now able to secure the Electronic Financial Transaction Act and Virtual Asset Service Provider registration licenses necessary to provide legal financial trading services within South Korea.
We’re excited to share that we’ve achieve another key regulatory milestone:
EFTA + VASP registration in South Korea ???https://t.co/vCNztABJoG is committed to being the industry leader in regulatory compliance.
— Crypto.com (@cryptocom) August 8, 2022
South Korea has recently expanded to be one of the largest cryptocurrency markets and tech hubs in the world. Despite its considerations in 2018 to halt crypto transactions entirely, the nation is now seen as “a tremendously important market for Crypto.com in advancing blockchain technology,” according to Patrick Yoon, General Manager Crypto.com of South Korea.
“We are committed to working with regulators to continue to bring our products and services to market, particularly in countries like South Korea where consumers have shown strong interest and adoption of digital currencies,” said Kris Marszalek, Co-Founder and CEO of Crypto.com.
This past weekend also marked the launch of Korea Blockchain Week, bringing nearly 10,000 Web3 enthusiasts to the country with a variety of speakers and events.
“We believe our services can not only help further evolve and empower commerce in Korea but also support the greater creation and development of our Web3 ecosystem,” added Yoon.
Regardless of the crypto market’s current conditions, Crypto.com has picked up efforts to continue expanding into new regions for growth. Within the past few months, the firm also received approvals in Dubai, Greece, Italy, and Singapore.