Singapore-based crypto platform Crypto.com is all set to make inroads into South Korea. The platform has recently acquired two companies in the country and secured registration under the Electronic Financial Transaction Act.
The news broke in the midst of Korea Blockchain Week 2022 after the company announced its acquisition of payment provider PnLink Co. Ltd. and digital asset exchange OK-Bit Co. Ltd. on Twitter.
What the acquisition means
The move means Crypto.com will be able to provide crypto asset exchange and custody services in the country. And the registration under the Electronic Financial Transaction Act keeps them in compliance with the law regarding the safety and reliability of electronic financial transactions.
While it is unclear whether these approvals and acquisitions will require additional regulation, they are a step toward providing the industry and South Korean crypto users with more official approval and security.
Not a first for Crypto.com
The win in South Korea is not Crypto.com’s first. In July this year, Crypto.com received regulatory approval from two European countries, Italy and Cyprus. The approval in Greece was by the Hellenic Capital Market Commission, a virtual asset license in Dubai. The platform received its payment institution license in Singapore from the Monetary Authority there.
