The Singapore-based crypto exchange Crypto.com has gained regulatory licenses in South Korea after securing two local companies. With this, it has access to crypto and payment registration in the country.
In achieving this key regulatory milestone, Crypto.com looks forward to building a direct relationship with Korean users as a regulated and secure platform. The news broke out during Korea Blockchain Week 2022 after the company announced it acquired payment service provider PnLink Co. and virtual asset service provider OK-BIT Co.
This step means Crypto.com has now secured the electronic financial transaction act and virtual asset service provider registration in South Korea.
Virtual asset service provider registration will enable Crypto.com to offer crypto asset exchange and custody services. On the other hand, Electronic financial transaction act registrations keep them in compliance with the law regarding the reliability and safety of electronic financial transactions.
However, the company did not reveal whether this means it can offer its entire crypto trading services in the country or if there are still some requirements to be fulfilled.
Amidst the crypto downturn, Crypto.com has made several remarkable strides to expand its reach. Last month, Crypto.com announced its expansion strategy after receiving regulatory approval from Cyprus SEC. In addition to that, it also won a crypto operator license from Italy’s OAM.
