Crypto.com said that it achieved a key milestone in South Korea after securing two local companies, giving it access to crypto and payments registration in the country.
It has been reported that the news came during Korea Blockchain Week 2022 after the company announced it acquired payment service provider PnLink Co. Ltd. and virtual asset service provider OK-BIT Co. Ltd. The move means they have now secured the electronic financial transaction act and virtual asset service provider registration in South Korea.
However, virtual asset service provider registration will allow Crypto.com 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.
The report said that the company did not disclose whether this means it can offer its full suite of crypto trading services in the country or if there are other requirements needing to be fulfilled.
Eric Anziani, the CEO of Crypto.com, said:
“Today we announced that we have secured both payment and crypto registrations in South Korea, one of the most advanced #crypto market globally.”
Patrick Yoon, the general manager of Crypto.com, said:
“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.”
The announcement follows Crypto.com receiving in-principle approval for a major payment institution license from the Monetary Authority of Singapore and provisional approval of its virtual asset license from the Dubai Virtual Assets Regulatory Authority.
Thus, they also have registration in Italy from the Organismo Agenti e Mediatori (OAM), in Greece from the Hellenic Capital Market Commission, and in Cyprus from the Securities and Exchange Commission.