Crypto.com, a growing crypto exchange, recently stated that it had achieved quite a key milestone in South Korea after it managed to secure a couple of local companies. This move would then give the company access to payments and crypto registration in the Asian country.
This news came during the Korea Blockchain Week 2022 after the company went on to announce that it had acquired a provider of payment service called PnLink Co. Ltd. along with a virtual asset service provider called OK-BIT Co. Ltd. This move implies that the exchange has now been able to secure the electronic financial transaction act and the virtual asset service provider registration in the country.
Crypto.com Finds Ground In South Korea
As it turns out, the virtual asset service provider registration will be allowing Crypto.com to start providing crypto asset exchange, as well as custody services. At the same time, the electronic financial transaction act registration will be keeping them in compliance with the law that regards the safety and reliability of most electronic financial transactions.
Interestingly, the exchange didn’t find the need to disclose whether this move meant that it would be offering a full suite of crypto trading services in the country. Another alternative would mean other requirements that needed to be fulfilled. Eric Anziani, the CEO of the exchange stated that they had announced that they had secured both crypto and payment registrations in the country- with it being one of the most advanced crypto markets throughout the world.
This announcement does come after Crypto.com received in-principle approval for a major payment institution license from the Monetary Authority of Singapore. It also received provisional approval for its virtual asset license from the Dubai Virtual Assets Regulatory Authority.