Crypto exchange Crypto.com has announced a major regulatory milestone in South Korea after securing two local businesses, giving it access to crypto and payment registration.
The announcement came during Korea Blockchain Week 2022 after the company completed its acquisition of payment service provider ‘PnLink Co. Ltd.’ announced. and virtual asset service provider ‘OK-BIT Co. Ltd.’
The move means they have now secured the Electronic Financial Transaction Act and Virtual Asset Service Provider Registration in South Korea.
We are pleased to report that we have reached another important regulatory milestone:
EFTA + VASP Registration in South Korea https://t.co/vCNztABJoG strives to be the industry leader in regulatory compliance.
— Crypto.com (@cryptocom) August 8, 2022
By registering Virtual Asset Service Providers, Crypto.com can offer crypto asset exchange and custody services. While the Electronic Financial Transaction Act registration keeps them in compliance with the law regarding the security and reliability of electronic financial transactions.
However, the company has not disclosed whether this means it will be able to offer its full suite of crypto trading services in the country.
Crypto.com CEO Eric Anziani, presenting at the conference, also separately confirmed the announcement on Twitter on August 7, stating:
“Today we announced that we have secured both payment and crypto registrations in South Korea, one of the most advanced #crypto market worldwide”
In a press statement, CEO Patrick Yoon said, “We believe that our services can not only help to further develop and strengthen trade in Korea, but also support the greater creation and development of our Web3 ecosystem.”
The announcement follows Crypto.com receiving the approval in principle for a Major Payment Institution license from the Monetary Authority of Singapore and the preliminary approval of its Virtual Asset license from the Dubai Virtual Assets Regulatory Authority.
They are also registered in Italy by the Organismo Agenti e Mediatori (OAM), in Greece by the Hellenic Capital Market Commission and Cyprus by the Securities and Exchange Commission.