Crypto.com Secures Registration In South Korea Via Acquisition Of Local Companies
2022.08.08 22:54
Crypto.com, one of the world’s fastest-growing cryptocurrency trading platforms, has continued its international expansion by securing access to the crypto and payments sector in South Korea after acquiring two local companies.
Crypto.com Expands International Presence
Crypto.com announced its successful registration as a virtual asset serice provider under the the ‘South Korean Electronic Financial Transaction Act‘ as the exchange continues on its path of global expansion.
The exchange made the announcement during ‘Korea Blockchain Week 2022’, dislosing the acquisition of payment service provider PnLink Co., Ltd., and virtual asset service provider OK-BIT Co., Ltd.
The virtual asset service provider license will allow Crypto.com to provide crypto asset exchange and custody services in the fast-growing South Korean Crypto market in compliance with South Korean laws regarding the safety and reliability of electronic financial transactions.
The General Manager of Crypto.com’s South Korea branch, Patrick Yoon, stated that the expansion will “not only help further evolve and empower commerce in Korea but also support the greater creation and development of our Web 3.0 ecosystem.”
The announcement marks the latest step of the exchange’s expansion so far in 2022, after it secured regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) just two weeks ago, and from the Dubai Virtual Assets Regulatory Authority (VARA) in June.
On the Flipside
- Crypto.com did not disclose the size of the deals, or whether its full suite of crypto services would be made immediately available to South Korean users.
Why You Should Care
Crypto.com is betting on the recovery of the crypto market while it pursues international expansion, positioning itself to become an industry leader in terms of regulatory compliance and consumer protection.
Find out more about Crypto.com’s Dubai expansion below:
Crypto.com Receives Provisional VARA Approval to Open Shop in Dubai
Read about other exchanges pursuing global expansion in:
FTX Obtains Full License to Operate Crypto Exchange in Dubai
