Cryptocurrency exchange Crypto.com has announced a major regulatory milestone in South Korea after acquiring two local companies, giving it access to cryptocurrencies and payment registrations.
The announcement comes after the company announced the acquisition of payment service provider “PnLink Co. Ltd.” during Korea Blockchain Week 2022. and virtual asset service provider “OK-BIT Co. Ltd.”
The move means they have now obtained Electronic Financial Transactions Act and Virtual Asset Service Provider registration in South Korea.
We are pleased to share that we have achieved another important regulatory milestone:
EFTA + VASP registered in Korea https://t.co/vCNztABJoG Committed to being an industry leader in regulatory compliance.
— Crypto.com (@cryptocom) August 8, 2022
Virtual Asset Service Provider registration will allow Crypto.com to provide crypto asset exchange and custody services. While registration with the Electronic Financial Transactions Act enables them to comply with laws regarding the security and reliability of electronic financial transactions.
However, the company did not disclose whether this means it can offer a full suite of crypto trading services in the country.
Eric Anziani, CEO of Crypto.com, who was present at the meeting, also confirmed the news separately on Twitter on August 7, saying:
“Today we announced that we have obtained payment and crypto registration in South Korea, one of the most advanced countries #cryptocurrency Global Market”
“We believe our services can not only help South Korea further develop and enhance its commercial capabilities, but also support the greater creation and growth of our Web3 ecosystem,” General Manager Patrick Yoon said in a press statement.
The announcement comes after Crypto.com received in-principle approval for a major payment institution license from the Monetary Authority of Singapore and provisional approval from the Dubai Virtual Assets Authority for its virtual asset license.
They are also registered with the Organismo Agenti e Mediatori (OAM) in Italy, with the Greek Capital Markets Commission in Greece and with the Securities and Exchange Commission in Cyprus.