Crypto.com receives South Korean regulatory licences

The crypto exchange described acquiring the South Korean licences as a “milestone”

Crypto.com logo on smart phone                                 
Crypto.com has received South Korean regulatory licences after it acquired two companies – Photo: Alamy
                                

Crypto exchange Crypto.com has received South Korean regulatory licences following its acquisition of two local companies.

After Crypto.com acquired payment service provider PnLink Co., Ltd and virtual asset service provider OK-BIT Co., Ltd, it received South Korean Electronic Financial Transaction Act (EFTA) and Virtual Asset Service Provider (VASP) registration.    

The crypto exchange labelled the South Korean licences a “milestone” and that it “looks forward to continuing to build a direct relationship with Korean users as a secure and regulated platform”.

South Korea consumers show ‘strong’ crypto interest

Kris Marszalek, co-founder and CEO of Crypto.com, said: “This is an exciting next step for Crypto.com in an important market. We are committed to working with regulators to continue to bring our products and services to market, particularly in countries like South Korea where consumers have shown strong interest and adoption of digital currencies.”

Patrick Yoon, general manager of South Korea Crypto.com, 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 Web 3.0 ecosystem. Korea is a tremendously important market for Crypto.com in advancing blockchain technology.”

Other licences

Crypto.com listed its other regulatory licences while announcing the South Korean regulatory news. The crypto exchange has received:

  • provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority,
  • in-principle approval for a Major Payment Institution Licence from the Monetary Authority of Singapore (MAS),
  • registration in Italy from the Organismo Agenti e Mediatori (OAM),
  • registration in Greece from the Hellenic Capital Market Commission,
  • and registration in Cyprus from its Securities and Exchange Commission.

Crypto.com was founded in 2016 and serves more than 50 million customers while its stated vision is “cryptocurrency in every wallet, built on a foundation of security, privacy and compliance”.

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