Leading cryptocurrency exchange, Crypto.com has extended its services to South Korea after bagging an operational license. The cryptocurrency exchange made the announcement today via a blog post. As revealed, the firm has secured Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea. This acquisition manifested after the firm procured a leading fintech organization in the country identified as PnLink Co., Ltd and virtual assets firm Ok-BIT Co., Ltd.
Further, the CEO of Crypto.com, Kris Marszalek, expressed his excitement about the development. The CEO described the expansion as an “exciting step” for the organization in an “important market.” Marszalek revealed that Crypto.com would continue to work with regulators to expand into countries like South Korea. The CEO also described the country as a market where people are embracing and showing robust attention toward cryptocurrency.
Still speaking on the expansion, The General Manager Of Crypto.com in South Korea, Patrick Yoon, expressed full optimism. Yoon believes the firm has what it takes to enhance commercial activities in South Korea. The General Manager opined that the expansion would aid the development of the firm’s Web 3.0 ecosystem. Also, Yoon characterized South Korea as a prominent and vital market for Crypto.com to advance the gospel of blockchain technology.
Meanwhile, via the blog post, Crypto.com divulged that the latest move further highlights its dedication to expansion. The firm indicated that it remains on the path of being an industry leader in enhancing the popularity of cryptocurrency. Furthermore, Crypto.com added that it would continue to stick to regulations, protect users and ensure their safety. As disclosed, the cryptocurrency exchange is looking forward to building a solid bond with users in South Korea. The firm assured users that its platform would remain secure and operate within the stipulations of regulators.
Crypto.com Efforts Towards Expansion Outside South Korea
Despite feeling the impact of the crypto winter at its inception, Crypto.com has pushed on to bounce back on track. Recently, the firm’s effort to expand its reach into numerous countries illustrates how it’s striving amidst the tricky market situation.
Notably, Other firms in the cryptocurrency space, including Crypto.com, are gradually getting back on their feet. 2022 has been an action-packed year for the industry where it came face-to-face with certain realities. These circumstances questioned the sector’s sustainability, and to a reasonable extent, the crypto space has responded positively.
Additionally, with over 50 million users globally, Crypto.com’s latest expansion in South Korea illustrates how the firm has been committed to growth. The recent expansion joins the league of notable countries the firm has gained a license to operate lately. At the moment, Crypto.com has garnered approvals in Japan, Greece, Cyprus, Italy, and other countries across the globe.