Tuesday, December 6, 2022
HomeLaw & PoliticsCrypto.com receives regulatory licence in South Korea after local firm acquisition

Crypto.com receives regulatory licence in South Korea after local firm acquisition

Crypto.com claims it has reached a significant milestone by receiving regulatory license in South Korea after acquiring two local firms.

During the Korean Blockchain Week 2022, the fastest-growing crypto exchange, Crypto.com, announced that it has acquired OK-BIT Co., Ltd. and PnLink Co., Ltd., two providers of virtual asset services. The Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea have also been secured by Crypto.com with this acquisition of local crypto firms as of August 8.

By reaching this milestone, Crypto.com has demonstrated its continued dedication to its vision of being the market leader in terms of customer safety, protection, and regulatory compliance. Crypto.com looks forward to continuing to establish personal ties with Korean users as a secure and regulated site.

Co-Founder and CEO of Crypto.com Kris Marszalek commented on the development:

“Crypto.com is taking an interesting next step in a significant market with this move. We are dedicated to collaborating with regulators to bring our goods and services to market, especially in nations like South Korea, where people have adopted digital currencies with a lot of vigour.”

Additionally, Patrick Yoon, General Manager for Crypto.com in South Korea, stated:

“We think that our services can not only assist in the growth and empowerment of Korean commerce but also the expansion of the Web3 ecosystem itself.”

For Crypto.com, the market in Korea is crucial to the development of blockchain technology. Globally, Crypto.com has more than 50 million users, and it is constantly expanding its ecosystem. Additionally, the Monetary Authority of Singapore granted in-principle permission for a large payment institution licence. Additionally, Crypto.com received registration licences from Organismo Agenti e Mediatori (OAM) in Italy, the Hellenic Capital Market Commission in Greece, and the Securities and Exchange Commission in Cyprus. Crypto.com has also in principle obtained a significant payment institution licence, such as a preliminary operational virtual asset licence from the Dubai VARA.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.


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