Crypto.com secures operational license in South Korea

Updated: 08 August 2022

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Crypto exchange, Crypto.Com, has expanded its coast to South Korea. The move manifested after it obtained a regulatory license from the country’s authorities. Crypto.com confirmed the development through its Monday blog post. Reportedly, the license now allows the exchange to function as a Virtual Asset Service Provider in the Asian nation.

Crypto.com obtained the regulatory license after acquiring a leading fintech company in the country. The exchange acquired a virtual assets firm, Ok-BIT Co., Ltd, and PnLink Co, a fintech firm. The CEO of the exchange, Kris Marszalek, expressed his delight in crypto.com’s latest success. Marszekek hinted that the feat affirms the firm’s commitment to widening the reach of its offerings across the globe.

Additionally, Marszalek stated the exchange would continuously cooperate with relevant regulators to expand its operation in other countries. He describes South Korea as a market where people welcome crypto ideas and pay significant attention to its product.

The General manager of Crypto.com in South Korea, Patrick Yoon, expressed optimism about the South Korean market. He believes Crypto.com possesses all the requirements to improve South Korea’s commercial activities. According to Yoon, the expansion would promote the exchange’s gradual transition into the Web 3.0 ecosystem. Additionally, the executive described South Korea as an essential market required to advance Crypto.com offerings.

Crypto.com reiterates its focus on being at the forefront of crypto and web3 development. Reportedly, it aims to continuously safeguard its users, stick to regulations and ensure customers’ safety. The exchange assures its new customers in South Korea of secured services in line with the framework of the local laws.

Crypto.com is one of the numerous exchanges thriving despite the ongoing market condition. Recall that the exchange opened its hub in Dubai after securing a license in March. Similarly, it secured an in-principle approval from the Monetary Authority of Singapore to provide digital payment token services in Singapore. More so, it recently received a regulatory license to operate in Greece and Italy.

Last June, the exchange signed a two-year contract with the computer science department of the University of Oxford. With the contract, the exchange will avail the Blockchain Research center of the University with research gifts. Reportedly, the gifts will help foster blockchain technology usage in initiating a secured, transparent, and decentralized community.

Also, in June, Crypto.com approved the integration of Apple as a payment method. As revealed, the new payment method will only be accessible to customers in the US. The development enables eligible customers to pay for various crypto assets through Apple Pay.

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