Crypto.com hits key regulatory milestone in South Korea

Crypto trade Crypto.com says it achieved a key milestone in South Korea after securing two native corporations, giving it entry to crypto and funds registration in the nation. 

The information got here throughout Korea Blockchain Week 2022 after the corporate introduced it acquired cost service supplier ‘PnLink Co. Ltd.’ and digital asset service supplier ‘OK-BIT Co. Ltd.’

The transfer means they’ve now secured Electronic Financial Transaction Act and Virtual Asset Service Provider Registration in South Korea.

We’re excited to share that we’ve obtain one other key regulatory milestone:

EFTA + VASP registration in South Korea https://t.co/vCNztABJoG is dedicated to being the trade chief in regulatory compliance.

Full Details https://t.co/5D9hVQIDAl pic.twitter.com/kWjy7XaK4r

— Crypto.com (@cryptocom) August 8, 2022

Virtual Asset Service Provider registration will enable Crypto.com to offer crypto asset trade and custody companies. While Electronic Financial Transaction Act registration retains them in compliance with the legislation relating to the security and reliability of digital monetary transactions.

However, the corporate didn’t disclose whether or not this implies it may possibly supply its full suite of crypto buying and selling companies in the nation, or if there are different necessities needing to be fulfilled. 

Crypto.com CEO Eric Anziani, who introduced on the convention additionally confirmed the announcement individually 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 assertion, General Manager Patrick Yoon mentioned: “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 even 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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