South Korea Marks a Significant Regulatory Milestone For Crypto.com

South Korea marks a significant regulatory milestone for Crypto.com
  • Virtual asset service provider will enable Crypto.com to offer custody and exchange services for digital assets.
  • Crypto.com has more than 50 million users.

The world’s fastest-growing cryptocurrency platform, Crypto.com announced today that it has acquired an Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea. By acquiring payment service provider PnLink Co., Ltd. and virtual asset service provider OK-BIT Co., Ltd, this Crypto.com exchange gives it access to cryptocurrency and payment in the country.

Registration as a virtual asset service provider will enable Crypto.com to offer custody and exchange services for digital assets. By reaching this milestone, Crypto.com has proven its continued dedication to its vision of becoming the market leader in terms of consumer safety, protection, and regulatory compliance.

Kris Marszalek, Co-Founder, and CEO of Crypto.com said;

We are committed to working with regulators to continue to bring our products and services to market, particularly in countries like South Korea where consumers have shown strong interest and adoption of digital currencies.

Crypto.com Continues Acquisition

Crypto.com, was established in 2016 and already has more than 50 million users. In June, Crypto.com received provisional approval for its virtual asset license from the Dubai Virtual Assets Regulatory Authority and in-principle authorization for a significant payment institution license from the Monetary Authority of Singapore.

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

Furthermore, the exchange has Google Pay integrated as the payment method, which makes it simple for Android users to utilize. The analysis predicts that 100 million Google Pay users will be interested in exploring the cryptocurrency industry.

A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.