Top cryptocurrency news: Crypto.com hits key regulatory

Crypto.com Achieves Milestone in South Korea with Local Firm Acquisiti

Cryptocurrency exchange Crypto.com claims to have reached a significant milestone in South Korea after acquiring two local firms that grant it access to crypto and payments registration in the nation.

The announcement came during Korea Blockchain Week 2022, following the company's acquisition of payment service provider 'PnLink' and virtual asset service provider 'OK-BIT'.

As a result of the action, they now have electronic financial transaction act and virtual asset service provider licensing in South Korea.

By registering as a virtual asset service provider, Crypto.com will be able to offer exchange and custody services for digital assets in the nation. Meanwhile, the registration of electronic financial transaction acts puts them in line with the rules regulating the safety and reliability of electronic financial transactions.

However, the company did not disclose whether this means it would be able to provide its entire array of crypto trading services in the nation or whether there are any additional conditions that must be fulfilled.

Crypto.com CEO Eric Anziani, who spoke at the conference, verified the news independently on Twitter on Saturday, saying, "Today we announced that we have obtained both payment and crypto registrations in South Korea, one of the most advanced crypto markets internationally."

General manager Patrick Yoon stated that "we believe our services can not only assist further advance and empower business in Korea, but also enable the larger establishment and development of our Web3 ecosystem."

The announcement comes after Crypto.com received in-principle approval from the Monetary Authority of Singapore for a major payment institution license and provisional approval for a virtual asset license from the Dubai Virtual Assets Regulatory Authority.