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Crypto.com Receives Licenses to Operate in South Korea

Crypto.com Receives Licenses to Operate in South Korea

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A bear market is not stopping Crypto.com from expanding the adoption of its crypto services around the world.

Crypto.com, a Singaporean cryptocurrency exchange founded in 2016, is received South Korean registration licenses after acquiring two Korean crypto companies.

By ad shared on the official Crypto.com blog, the company has been purchased payment service provider PnLink Co., Ltd and Virtual asset service provider OK-BIT Co., Ltd. However, the company does not disclose how much these purchases cost.

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After the acquisition of these companies, Crypto.com has automatically received Electronic Financial Transaction Act and Virtual Asset Service Provider Licenses.

The Electronic Financial Transactions Act allows Crypto.com to be comply with the legal regulations regarding the safety and reliability of electronic financial transactions. On the other hand, the Virtual Asset Service Provider license allows Crypto.com to provide cryptocurrency exchange and custody services in South Korea.

Crypto.com founder and CEO Kris Marszalek commented on the news saying:

This is an exciting next step for Crypto.com in an important market space. We are committed to working with regulators to continue bringing our products and services to market, especially in countries like South Korea where consumers have shown great interest and adoption of digital currencies.

One of the founders, Eric Anziani, has also shared the news on Twitter retweeting Crypto.com message and adding it South Korea has the strongest crypto market in the world.

South Korea is not the only country where Crypto.com is spreading its wings. Only in July did the crypto exchange acquire operating licenses in the year Cyprus and Italy. In June, it was approved Monetary Authority of Singapore (MAS) and Dubai Virtual Assets Regulatory Authority (VARA) to offer their services in these countries.

Gile K. - cryptanalyst

by Gile K. – Crypto Analyst, BitDegree


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