Strategic Move Strengthens Regulatory Standing and Web3 Development
International cryptocurrency trading By acquiring two local businesses and obtaining important regulatory licenses, Crypto.com has strengthened its position in South Korea. The business has registered as a Virtual Asset Service Provider (VASP) and under the Electronic Financial Transaction Act (EFTA) after acquiring payment service provider PnLink and virtual asset service provider OK-BIT.
Crypto.com’s general manager for South Korea, Patrick Yoon, praised the action as a major step toward boosting trade and growing the Web3 ecosystem in the nation. “South Korea is a tremendously important market for Crypto.com in advancing blockchain technology,” Yoon said.
Founded in 2016, Crypto.com serves over 50 million users worldwide, offering cryptocurrency trading and enabling purchases via its crypto-backed card services.
Co-founder and CEO Kris Marszalek reaffirmed the company’s commitment to regulatory compliance and market expansion. “We are dedicated to working with regulators to bring our products and services to consumers, particularly in markets like South Korea, where interest in digital currencies is high,” he said.
The expansion follows Crypto.com’s recent provisional approvals for a Major Payment Institution Licence from Singapore’s Monetary Authority and a Virtual Asset Licence from Dubai’s Virtual Assets Regulatory Authority, signaling its continued global growth.
