Cryptocurrency exchange Crypto.com has announced a major regulatory event in South Korea after securing two local businesses, giving them access to crypto and recording payments.
The announcement came during Korea Blockchain Week 2022 after the company announced its acquisition of payment service provider “PnLink Co. Ltd.” and virtual asset service provider “OK-BIT Co. Ltd.”
The move means that they have now obtained the Electronic Financial Transactions Act and registered a virtual asset service provider in South Korea.
We are excited to share that we have achieved another major organizational milestone:
EFTA + VASP Registration in South Korea https://t.co/vCNztABJoG Committed to being the industry leader in regulatory compliance.
– Crypto.com (cryptocom) August 8, 2022
The registration of a virtual asset service provider will allow Crypto.com to offer crypto-asset exchange and custody services. While the electronic financial transaction recording maintains its compliance with the law regarding the safety and reliability of electronic financial transactions.
However, the company did not reveal whether this means that it can offer a full range of cryptocurrency 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, saying:
“Today we announced that we have secured both payment logging and cryptocurrency operations in South Korea, one of the most advanced among them. # encrypt global market”
In a press release, General Manager Patrick Yoon said, “We believe that our services can not only help develop and enable commerce in Korea but also support the creation and development of our Web3 ecosystem.”
The announcement comes after Crypto.com received preliminary approval for a major payment institution license from the Monetary Authority of Singapore and provisional approval for a virtual asset license from the Virtual Asset Regulatory Authority in Dubai.
They also have registration in Italy from the Organismo Agenti e Mediatori (OAM), in Greece from the Hellenic Capital Market Commission, and in Cyprus from the Securities and Exchange Commission.