Singapore based cryptocurrency exchange, Crypto.com, has just announced to have purchased South Korean payment service provider, PnLink Co. and virtual-asset exchange, OK-BIT Co. The move has authorized, Crypto.com, to operate legitimately in Korea securing two registration licenses.
Continuing its expansion, Crypto.com, on August 8, revealed that it has achieved a key milestone in South Korea after securing two local companies, giving it access to crypto and payments registration in the country. Kris Marszalek, co-founder and CEO of Crypto.com, emphasized the importance of obtaining the licenses in the burgeoning crypto market. He explained that with the move, Crypto.com, has now secured electronic financial transaction act and virtual asset service provider registration in South Korea. Marszalek said,
“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.”
We're excited to share that we’ve achieve another key regulatory milestone:— Crypto.com (@cryptocom) August 8, 2022
EFTA + VASP registration in South Korea 🚀🇰🇷https://t.co/vCNztABJoG is committed to being the industry leader in regulatory compliance.
Full Details 👇https://t.co/5D9hVQIDAl pic.twitter.com/kWjy7XaK4r
Korea Is a very Important Market for Crypto.com
According to the official blog post, Crypto.com, is looking forward to continue building a direct relationship with Korean users as a secure and regulated platform. The Virtual asset service provider registration will allow the digital assets exchange to provide crypto asset exchange and custody services. Meanwhile, electronic financial transaction act registration keeps them in compliance with the law regarding the safety and reliability of electronic financial transactions.
Patrick Yoon, General Manager, South Korea of Crypto.com asserted that Korea is a tremendously important market for Crypto.com in advancing blockchain technology. He added,
“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.”
Crypto.com’s Soaring Partnerships
This comes on the heels after Crypto.com, secured a provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA), allowing the crypto exchange to offer a full suite of crypto exchange products and services. In June, Crypto.com reported that the Monetary Authority of Singapore had given it preliminary authorisation to offer services involving digital payment tokens in the city-state.
https://t.co/vCNztATSCO is proud to be the first crypto trading platform sponsor of the FIFA World Cup Qatar 2022 🏆— Crypto.com (@cryptocom) March 23, 2022
See you in Qatar! @fifaworldcup #worldcuphttps://t.co/vYZjDA1BMZ pic.twitter.com/ppFfkEG6q2
Recently, FIFA announced that Crypto.com will be an official sponsor of the FIFA World Cup Qatar 2022, being named as the exclusive cryptocurrency trading platform of the competition. The Singapore headquartered crypto exchange have also secured regulatory approvals in Cyprus and Italy. It has also recently received registration in Greece from the Hellenic Capital Market Commission.