Crypto.com has obtained two licenses in South Korea after acquiring two startups in South Korea.
Cryptocurrency exchange Crypto.com has announced that it has acquired two companies in South Korea to expand its presence in the Asian country.
The company announced today, August 8, that it has acquired South Korean payment service provider PnLink and crypto asset exchange OK-BIT.
This acquisition means that Crypto.com has secured registration as a virtual asset service provider under the Electronic Financial Transactions Act of Korea.
While commenting on this latest development, Crypto.com co-founder and CEO Kris Marszalek said:
We are committed to working with regulators to continue bringing our products and services to market, especially in countries like South Korea, where consumers are showing strong interest and adoption of digital currencies. .”
Eric Anziani, Chief Operating Officer of Crypto.com, added that the cryptocurrency exchange is looking to bring its products to the South Korean market, working with partners at the forefront of gaming and entertainment.
Crypto.com has been around since 2016 and is one of the leading cryptocurrency exchanges in the world. The exchange has over 50 million customers worldwide and already holds licenses in Singapore, Dubai, Italy, Greece and Cyprus.
Cryptocurrency exchanges have been known to obtain local licenses by acquiring startups in the countries they intend to operate.
In the UK, Binance and Bitpanda have acquired a small start-up registered with the UK’s Financial Conduct Authority’s anti-money laundering regime.Thus allowing crypto exchanges to operate normally in the UK
Patrick Yoon, General Manager of Korea at Crypto.com also commented:
We believe our services can not only further evolve and empower commerce in South Korea, but also support the greater creation and development of our Web3 ecosystem. Above all, it is a very important market for Crypto.com.
The cryptocurrency exchange said it has already received approval in principle for a major payment institution license from the Monetary Authority of Singapore and provisional approval for a virtual asset license from the Dubai Virtual Assets Regulatory Authority.