The bear market is not stopping Crypto.com from expanding the adoption of its crypto services around the world.
Crypto.com, a Singapore-based cryptocurrency exchange company established in 2016, has received South Korean registration licenses after acquiring two Korean crypto firms.
According to the announcement shared on the official Crypto.com blog, the company has bought payment service provider PnLink Co., Ltd and virtual asset service provider OK-BIT Co., Ltd. However, the company does not disclose how much these purchases cost.
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After acquiring these firms, Crypto.com has automatically received Electronic Financial Transaction Act and Virtual Asset Service Provider licenses.
Electronic Financial Transactions Act allows Crypto.com to be compliant with law regulations regarding the safety and reliability of electronic financial transactions. On the other hand, the Virtual Asset Service Provider license will allow Crypto.com to provide cryptocurrency exchange and custody services in South Korea.
Co-Founder and CEO of Crypto.com, Kris Marszalek, commented on the news saying:
This is an exciting next step for Crypto.com in an important market. 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.
One of the co-founders, Eric Anziani has also shared the news on Twitter by retweeting the Crypto.com post and adding that South Korea has the strongest crypto market globally.
South Korea is not the only country where Crypto.com is spreading its wings. In July only, the crypto exchange acquired operation licenses in Cyprus and Italy. Whereas, in June it received approval from the Monetary Authority of Singapore (MAS) and Dubai’s Virtual Assets Regulatory Authority (VARA) to provide its services in these countries.