Wednesday, October 5, 2022

Crypto.com secures regulatory license in South Korea

One of the world’s fastest growing crypto exchange platforms, Crypto.com can confirm that it has now gotten regulatory approval to do its business in South Korea. The announcement follows after the platform recently acquired virtual asset service provider ‘OK-BIT Co., Ltd.,’ and payment services firm ‘PnLink Co., Ltd.’ But as it turns out, the acquisitions were part of its efforts to break into the South Korean market.

Crypto.com secures EFTA and VASP registrations

Acquiring OK-BIT and PnLink somehow automatically secures Crypto.com the Electronic Financial Transaction Act (EFTA) and Virtual Asset Service Provider (VASP) registrations. This means that the platform may now bring its product offerings and services into South Korea. And considering the high level of interest in digital assets that the residents of the region already show, Crypto.com is set to facilitate an even greater rate of crypto adoption.

Speaking about the groundbreaking approval, Crypto.com CEO and co-founder Kris Marszalek said: 

“This is an exciting next step for Crypto.com in an important market.” 

Patrick Yoon, the General Manager of the South Korean branch of Crypto.com also admits to the fact that South Korea is an all-important market. Particularly in terms of the advancement of blockchain technology. So, having now secured the regulatory power to do so, Yoon believes that the services of Crypto.com will bolster the quick adoption of the blockchain tech. But more importantly, he also says the license will help bring the firm to quickly actualize a fully-developed Web3.0 ecosystem.

Regulatory approvals

It might be safe to say that Crypto.com enjoys a smooth relationship with regulators on all fronts. Before today’s announcement, the firm appears to constantly be searching for ways to ensure regulatory compliance, paying full attention to customer protection.  

The exchange already holds approval to operate as a payment institution in Singapore. This was after securing the license from the Monetary Authority of Singapore. The platform also got a temporary provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority. But that’s not all. Crypto.com also boasts of a range of regulatory approvals from across Italy, Greece, and even with the Securities and Exchange Commission (SEC) in Cyprus.

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