Cryptocurrency buying and selling platform Crypto.com says it has achieved a major milestone in South Korea after landing two local companies, giving it access to cryptocurrency registration and payments in the country.
The news came during Korea Blockchain Week 2022, after the company announced the acquisition of the payment service providerPnLink Co. Ltd., and the virtual asset service provider, OK-BIT Co. Ltd.
This move means that they have already achieved registration as a virtual asset and electronic financial transaction service provider in South Korea.
We’re excited to share that we’ve achieved another key regulatory milestone:
EFTA + VASP registration in South Korea https://t.co/vCNztABJoG is committed to being the industry leader in regulatory compliance.
Full Details https://t.co/5D9hVQIDAl pic.twitter.com/kWjy7XaK4r
— Crypto.com (@cryptocom) August 8, 2022
Registration as a virtual asset service provider will allow Crypto.com to provide crypto asset exchange and custody services. In the meantime, registering for the Electronic Financial Transactions Act keeps them in compliance with the law regarding the security and reliability of electronic financial transactions.
However, the company did not disclose whether this means that it can offer its full suite of cryptocurrency trading services in the country or whether there are other requirements that need to be met.
The CEO of Crypto.com, Eric Anziani, which was presented at the conference, also confirmed the announcement separately on Twitter on Saturday, stating:
“Today we are announcing that we have secured both cryptocurrency and payment records in South Korea, one of the most advanced cryptocurrency markets globally.”
In a press statement, the CEO patrick yoon said: “We believe that our services can not only help further evolve and enhance commerce in Korea, but also support the further creation and development of our Web3 ecosystem.”
The announcement comes after Crypto.com received approval in principle for a major payment institution license from the Monetary Authority of Singapore. and provisional approval of your virtual assets license by 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 in Cyprus by the Securities and Exchange Commission.
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