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Crypto.com Acquires Electronic Financial Transaction Act and Virtual Asset Service Provider Registration in South Korea

UTC by Kofi Ansah · 3 min read
Crypto.com Acquires Electronic Financial Transaction Act and Virtual Asset Service Provider Registration in South Korea
Photo: Unsplash

The company did not specify, whether this means it can provide the entire range of its crypto trading services in the country or if there are still any conditions that must be met.

Crypto.com has announced that it has secured access to crypto and payment registration in South Korea. The news came after the crypto exchange revealed that it had also acquired two South Korean firms, payment service firm PnLink Co. and virtual-asset exchange OK-BIT Co. Ltd.

The Electronic Financial Transaction Act and Virtual Asset Service Provider Registration are provided to trading and financial firms to conduct business legitimately within the country and extend services to locals.

Crypto.com will now be able to provide crypto asset exchange and custody services via the virtual asset service provider registration, while the electronic financial transaction act registration will keep the crypto firm in compliance with the law regarding the safety and reliability of electronic financial transactions.

Eric Anziani, CEO of Crypto.com, took to Twitter to confirm the latest news, stating:

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

In a press statement, Kris Marszalek, co-founder, and CEO of Crypto.com, also stated that the latest milestone is an exciting next step for Crypto.com in an important and competitive 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,” he said.

General manager Patrick Yoon also chipped in after the announcement, stating:

“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 company did not specify, whether this means it can provide the entire range of its crypto trading services in the country or if there are still any conditions that must be met. It, however, reaffirmed its mission of being a household name and an industry leader for regulatory compliance, consumer safety, awareness, and protection, and revealed that the latest milestone is a step in the right direction.

“Crypto.com looks forward to continuing to build a direct relationship with Korean users as a secure and regulated platform,” the firm wrote on its official website.

Crypto.com was founded in 2016 and currently serves over 50 million customers worldwide and is the world’s fastest-growing global cryptocurrency platform.

Prior to its latest announcement, Crypto.com had already secured 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.

The exchange has also secured registration permits in Italy from the Organismo Agenti e Mediatori (OAM), registration in Greece from the Hellenic Capital Market Commission, and registration in Cyprus from the Securities and Exchange Commission.

Read other crypto news on our website.

Business News, Cryptocurrency news, News
Kofi Ansah
Author Kofi Ansah

Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.

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