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KBW 2022: Crypto.com hits key regulatory milestone in South Korea
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Crypto exchange Crypto.com says it achieved a key milestone in South Korea after securing two local companies, giving it access to crypto and payments registration in the country.
The news came during Korea Blockchain Week 2022 after the company announced it acquired payment service provider 'PnLink Co. Ltd.' and virtual asset service provider 'OK-BIT Co. Ltd.'
The move means they have now secured Electronic Financial Transaction Act and Virtual Asset Service Provider Registration in South Korea.
We're excited to share that we’ve achieve 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/5D9hVQIDAlpic.twitter.com/kWjy7XaK4r
— Crypto.com (@cryptocom) August 8, 2022
Virtual Asset Service Provider registration will allow Crypto.com to provide crypto asset exchange and custody services. While Electronic Financial Transaction Act registration keeps them in compliance with the law regarding the safety and reliability of electronic financial transactions.
However, the company did not disclose whether this means it can offer its full suite of crypto trading services in the country, or if there are other requirements needing to be fulfilled.
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Crypto.com CEO Eric Anziani, who presented at the conference also confirmed the announcement separately on Twitter on Aug. 7, stating:
“Today we announced that we have secured both payment and crypto registrations in South Korea, one of the most advanced #crypto market globally”
In a press statement, General Manager Patrick Yoon said: "We believe our services can not only help further evolve and empower commerce in Korea but also support the greater creation and development of our Web3 ecosystem."
The announcement follows Crypto.com receiving in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore and provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority.
They also have registration in Italy from the Organismo Agenti e Mediatori (OAM), in Greece from the Hellenic Capital Market Commission, and Cyprus from the Securities and Exchange Commission.
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