Crypto.com announced that it has 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.
Virtual asset service provider registration will allow Crypto.com to provide crypto asset exchange and custody services. Meanwhile, 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. Crypto.com CEO Eric Anziani, who presented at the conference, also confirmed the announcement separately on Twitter.
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.
