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Trade in crypto Crypto.com says it has reached a major milestone in South Korea after buying two local companies that give it access to crypto and payments registration in the country.
The company said it had bought payment service provider "PnLink Co. Ltd." and virtual asset service provider "OK-BIT Co. Ltd." during Korea Blockchain Week 2022.
With this move, they are now registered as a Virtual Asset Service Provider and under the Electronic Financial Transaction Act in South Korea.
We're excited to share that we’ve achieve another key regulatory milestone:
— Crypto.com (@cryptocom) August 8, 2022
EFTA + VASP registration in South Korea 🚀🇰🇷https://t.co/vCNztABJoG is committed to being the industry leader in regulatory compliance.
Full Details 👇https://t.co/5D9hVQIDAl pic.twitter.com/kWjy7XaK4r
By getting registered as a Virtual Asset Service Provider, Crypto.com will be able to offer exchange and custody services for crypto assets. While signing up for the Electronic Financial Transaction Act keeps them in line with the law about how safe and reliable electronic financial transactions should be.
But the company didn't say if this means it can offer all of its crypto trading services in the country or if it still needs to meet other requirements.
Crypto.com CEO Eric Anziani, who spoke at the conference, 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, which is one of the most advanced crypto markets in the world."
In a press release, General Manager Patrick Yoon said, "We think our services can not only help commerce in Korea grow and change, but also help build and grow our Web3 ecosystem."
The news came after Crypto.com got approval from the Monetary Authority of Singapore for a Major Payment Institution License and provisional approval from the Dubai Virtual Assets Regulatory Authority for a Virtual Asset License.
They are also registered with the Organio Agenti e Mediatori (OAM) in Italy, the Hellenic Capital Market Commission in Greece, and the Cyprus Securities and Exchange Commission in Cyprus.
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