Crypto exchange Crypto.com announced a key regulatory milestone in South Korea after securing two local companies, giving it access to crypto and payment registration.
The announcement was made during Korea Blockchain Week 2022 after the company announced the acquisition of payment service provider PnLink Co. Ltd.” and virtual asset service provider “OK-BIT Co. Ltd.”
The move means they have now secured the Electronic Financial Transactions Act and Virtual Asset Service Provider Registration in South Korea.
We are excited to share that we have achieved another key regulatory milestone:
EFTA + VASP registration in South Korea https://t.co/vCNztABJoG is committed to being the industry leader in regulatory compliance.
— Crypto.com (@cryptocom) August 8, 2022
Registration of the Virtual Asset Service Provider will enable Crypto.com to provide crypto asset exchange and custody services. While Electronic Financial Transactions Act registration keeps them in compliance with legislation regarding the safety and reliability of electronic financial transactions.
However, the company did not reveal whether this means it can offer its full suite of crypto trading services in the country.
Crypto.com CEO Eric Anziani, who presented at the conference, also confirmed the announcement separately on Twitter on August 7, stating:
“Today we announced that we have secured both payments and crypto registrations in South Korea, one of the most advanced #crypto global market”
In a press statement, General Manager Patrick Yoon said, “We believe that our services can not only help further development and enhance trade in Korea, but also support the greater creation and development of the Web3 ecosystem.”
The announcement follows the in-principle approval of Crypto.com for a Major Payment Institution License by the Monetary Authority of Singapore and the provisional approval of the Virtual Assets License by the Dubai Virtual Assets Regulatory Authority.
They are also registered in Italy by the Organismo Agenti e Mediatori (OAM), in Greece by the Securities and Exchange Commission and in Cyprus by the Securities and Exchange Commission.