For those thinking that South Korea is no longer interested in cryptocurrencies and wants to put an end to the space, then you must update yourself.
The cryptocurrency sector is set to gain tremendous adoption in South Korea from this point onwards all thanks to Crypto.com
Crypto.com Achieves a Milestone
The latest reports reveal that Crypto.com, a major cryptocurrency exchange has achieved a major milestone. The exchange has achieved its milestone in South Korea in terms of regulations.
Crypto.com has announced that they have secured two companies in South Korea to operate locally. With the opening, the exchange has access to payments and crypto registration in South Korea.
This way, the exchange will be able to bring in so much more to the locals of South Korea.
Companies Acquired by Crypto.com
The executives at Crypto.com confirmed that the companies they have opened are actually acquisitions.
These companies include OK-BIT Co. Ltd. and PnLink Co. Ltd. OK-BIT Co. Ltd. is a virtual asset service provider while PnLink Co. Ltd is a payment service provider.
Both the providers are providing their services locally to the citizens of South Korea.
Crypto.com has Secured Regulatory Approvals
Crypto.com officials were glad to post that they had acquired virtual asset service provider registration as well as the electronic financial transaction act in South Korea.
The executives announced that they were extremely excited about acquiring regulatory approvals in the country. This is a key milestone they have been able to achieve in South Korea.
The benefit of Regulatory Achievements
Crypto.com has announced that following the EFTA registration, they will be able to run their operations within compliance with regulations. They will be able to ensure the reliability and safety of electronic financial transactions.
With the acquisition of VASP, they will be able to provide custody and exchange services for cryptocurrency assets.
The exchange has not confirmed whether it will be able to offer a full set of cryptocurrency trading assets or options or not. It is yet to be confirmed whether the exchange will be needing more approvals or fulfill more requirements before it can offer trading services.
Patrick Yoon’s Remarks
The general manager at Crypto.com, Patrick Yoon also remarked on the achievement of the regulatory milestone in South Korea.
The exchange has announced that now, it has the freedom of providing support for the development and creation of its own ecosystem of Web3 technology.
They are aiming to empower the commerce sector in South Korea and they have successfully fulfilled the requirements they were supposed to fulfill.
Crypto.com had recently acquired a virtual assets license in Dubai as well as a payment institution license in Singapore.
This means that the exchange is determined to gain more exposure in the global markets and bring more investments to the cryptocurrency industry.