Crypto.com has obtained two licences in South Korea after acquiring two startups in the country.
Cryptocurrency exchange Crypto.com announced that it had acquired two companies in South Korea in a bid to expand its presence in the Asian country.
The company announced today, August 8th, that it had acquired South Korean payment service provider PnLink and virtual-asset exchange OK-BIT.
The acquisitions mean that Crypto.com has secured registrations under South Korea’s Electronic Financial Transaction Act and as a virtual-asset service provider.
While commenting on this latest development, Kris Marszalek, Crypto.com’s co-founder and CEO, said;
“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.”
Crypto.com’s chief operating officer Eric Anziani added that the cryptocurrency exchange is trying to bring its offerings to the Korean market, and also work with partners here that are 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 more than 50 million customers worldwide and already holds licenses in Singapore, Dubai, Italy, Greece and Cyprus.
Cryptocurrency exchanges are known to obtain local licences by acquiring startups in the countries they intend to operate.
In the United Kingdom, Binance and Bitpanda acquired smaller startups that were registered under the UK’s Financial Conduct Authority’s anti-money laundering regime. Thus, allowing the crypto exchanges to operate successfully in the UK
Patrick Yoon, General Manager, South Korea of Crypto.com, also commented that;
“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. Korea is a tremendously important market for Crypto.com in advancing blockchain technology.”
The crypto exchange said it has already received in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore, provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority and a few others.
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