Crypto.com has unveiled a plan to expand into South Korea as part of its vision for the future crypto markets. Crypto.com, an industry player looking to recover from large losses, is now moving to South Korea.
The acquisitions of PnLink Co. (a payment provider) and OK-Bit Co. (a digital asset exchange and a trading platform for crypto assets), was announced by the Singapore-based cryptocurrency platform on Monday.
According to this means that Crypto.com also has a deal with Bloomberg . This act creates a foundation for the sound development and operation of the electronic finance industry.
Eric Anziani, the chief operating officer of the firm, took to Twitter to share his achievement. “I visited Seoul’s office and met some of my teammates who contributed to the security and registrations for crypto services and payment in South Korea,” he said.
Although it is not clear if these acquisitions and approvals will need further regulation, they are a step towards bringing more security and official approval to the industry as well as to South Korean users.
The platform’s crypto-related activities have been quite extensive. As the platform expands into Europe, Crypto.com was approved by two European countries, Italy, and Cyprus.
Kris Marszalek, CEO, stated that “registration in Cyprus” is “the next significant step in the continued progress of our products and services expansion to more customers.”
Crypto.com received recent regulatory approval in Greece by the Hellenic Capital Market Commission. It also obtained a virtual asset license for Dubai and a major payment institution license through the Monetary Authority of Singapore.
South Korea has been a major market for crypto, with high adoption rates and Yoon Suk-yeol , a procrypto president, entering office in the last year.
Increased adoption means increased regulatory hurdles. Yoon also pledged in January that he would “reform regulations that are far away from reality and unreasonable.”
The Financial Services Commission of the country has been active in cracking down on money laundering and restricting cross-trading among exchanges.
South Korea immediately established a crypto committee in order to supervise crypto exchanges after the Terra implosion too.
Regulators also revived the “Grim Reapers of Yeouido” financial crime unit as part of an investigation into Do Kown’s co-founder of Terra Labs and the wider collapse of the project.
