One of the world’s largest cryptocurrency trading platforms, Crypto.com has expanded its international presence through the virtual asset service provider registration in South Korea. The digital asset firm has acquired the payment service provider, PnLink and virtual asset service provider OK-BIT.
The latest announcement from Crypto.com came almost two weeks after the company received regulatory approval from CySEC. In June 2022, the firm obtained in-principle approval from Singapore’s MAS.
South Korea is one of the fastest-growing crypto markets in the world. With a GDP of more than $1.6 trillion, the country is home to some of the world’s prominent digital asset firms.
“This is an exciting next step for Crypto.com in an important market,” said Kris Marszalek, the Co-Founder and CEO of Crypto.com. “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.”
In June this year, Crypto.com received provisional approval from Dubai Virtual Assets Regulatory Authority (VARA).
Asia’s Crypto Ecosystem
Asia is getting popular among leading crypto firms around the world. Earlier this year, FTX announced the launch of FTX Japan to facilitate the company’s Japanese users. In March 2022, Paxos, a prominent crypto trading and custody platform, gained in-principle approval from the Monetary Authority of Singapore (MAS).
“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,” said Patrick Yoon, the General Manager in South Korea at Crypto.com. “Korea is a tremendously important market for Crypto.com in advancing blockchain technology.”
In July 2022, Crypto.com secured registration and regulatory approval from the Organismo Agenti e Mediatori (OAM) in Italy as a provider of virtual currency and digital wallet services.