Crypto.com Achieves A Regulatory Milestone In South Korea

Crypto.com achieves a regulatory milestone in South Korea as announced by the company recently.

After acquiring two local businesses, Crypto.com achieves a regulatory milestone, and has announced access to registration for payments and cryptocurrencies.

The company had previously announced the purchase of virtual asset service provider “OK-BIT Co. Ltd.” and payment service provider “PnLink Co. Ltd.” during Korea Blockchain Week 2022.

As a result of the action, they are now officially registered as South Korean Virtual Asset Service Providers under the Electronic Financial Transaction Act.

Registration as a virtual asset service provider will enable Crypto.com to offer custody and exchange services for digital assets. While registration under the Electronic Financial Transaction Act keeps them compliant with the legislation governing the security and legitimacy of electronic financial transactions.

The business did not specify whether this meant it can provide its entire range of cryptocurrency trading services in the nation.

The CEO of Crypto.com, Eric Anziani, who spoke at the conference, also independently confirmed the news on Twitter on August 7 by writing:

“Today we announced that we have secured both payment and crypto registrations in South Korea, one of the most advanced #crypto market globally”

General Manager Patrick Yoon stated in a press release that he and his team believe that Crypto.com services will not only enable for larger construction and development of the Web3 ecosystem but will also further evolve and empower South Korean commerce.

The announcement comes after Crypto.com received provisional approval for its virtual asset license from the Dubai Virtual Assets Regulatory Authority and in-principle permission for a major payment institution license from the Monetary Authority of Singapore.

Additionally, they are registered with the Securities and Exchange Commission of Cyprus, the Organismo Agenti e Mediatori (OAM) of Italy, and the Hellenic Capital Market Commission of Greece.

The History of Crypto.com

Crypto.com was founded back in 2016 and has since grown to serve more than 50 million customers across the world and can be counted as one of the world’s fastest-growing global cryptocurrency platforms. The company is built on the principles of security, privacy, and compliance and they are very committed to accelerating cryptocurrency adoption through empowering the next generation (builders, creators, and entrepreneurs) and through innovation.

The company is based in Singapore and was founded by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo. It first went under the name of “Monaco”.

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