Crypto.com procures regulatory access to South Korea

Giant crypto exchange Crypto.com has secured access to the South Korean crypto market after acquiring two local companies which will provide it with EFTA and VASP registration in the country.

It was announced on Monday on its website that Crypto.com had secured very important regulatory compliance by procuring payment service provider PnLink Co., Ltd., and virtual asset service provider OK-BIT Co., Ltd.

Kris Marszalek, Co-Founder and CEO of Crypto.com said of the acquisitions:

“This is an exciting next step for Crypto.com in an important market. 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.”

Patrick Yoon, General Manager of Crypto.com in S. Korea added:

“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. Korea is a tremendously important market for Crypto.com in advancing blockchain technology.”

It has not been disclosed by Crypto.com whether it can now offer full crypto trading services in South Korea, or whether it still needs to complete further requirements.

In spite of confidence in crypto being shaken quite dramatically in South Korea after the TerraUSD meltdown, obtaining regulatory compliance in the country is a major step for a platform like Crypto.com, given the high levels of crypto adoption in this dynamic Asian market.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.