Crypto.com hits key regulatory milestone in South Korea

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Cryp­to exchange Crypto.com says it achieved a key mile­stone in South Korea after secur­ing two local com­pa­nies, giv­ing it access to cryp­to and pay­ments reg­is­tra­tion in the country. 

The news came dur­ing Korea Blockchain Week 2022 after the com­pa­ny announced it acquired pay­ment ser­vice provider ‘PnLink Co. Ltd.’ and vir­tu­al asset ser­vice provider ‘OK-BIT Co. Ltd.’

The move means they have now secured Elec­tron­ic Finan­cial Trans­ac­tion Act and Vir­tu­al Asset Ser­vice Provider Reg­is­tra­tion in South Korea.

Vir­tu­al Asset Ser­vice Provider reg­is­tra­tion will allow Crypto.com to pro­vide cryp­to asset exchange and cus­tody ser­vices. While Elec­tron­ic Finan­cial Trans­ac­tion Act reg­is­tra­tion keeps them in com­pli­ance with the law regard­ing the safe­ty and reli­a­bil­i­ty of elec­tron­ic finan­cial transactions.

How­ev­er, the com­pa­ny did not dis­close whether this means it can offer its full suite of cryp­to trad­ing ser­vices in the coun­try, or if there are oth­er require­ments need­ing to be fulfilled. 

Crypto.com CEO Eric Anziani, who pre­sent­ed at the con­fer­ence also con­firmed the announce­ment sep­a­rate­ly on Twit­ter on Aug. 7, stating: 

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

In a press state­ment, Gen­er­al Man­ag­er Patrick Yoon said: “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.”

The announce­ment fol­lows Crypto.com receiv­ing in-prin­ci­ple approval for a Major Pay­ment Insti­tu­tion License from the Mon­e­tary Author­i­ty of Sin­ga­pore and pro­vi­sion­al approval of its Vir­tu­al Asset License from the Dubai Vir­tu­al Assets Reg­u­la­to­ry Author­i­ty.

They also have reg­is­tra­tion in Italy from the Organ­is­mo Agen­ti e Medi­a­tori (OAM), in Greece from the Hel­lenic Cap­i­tal Mar­ket Com­mis­sion, and Cyprus from the Secu­ri­ties and Exchange Commission.



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