Crypto.com has received a necessary license in South Korea, the team announced.
The exchange secured the licenses by acquiring two companies.
More crypto companies are working on receiving approval as the regulatory noose tightens.
Crypto.com has received the registration for Electronic Financial Transaction Act and Virtual Asset Service Provider in South Korea, the company announced via a blog post on August 8. Crypto.com secured this registration by acquiring payment service provider PnLink Co., Ltd. and virtual asset service provider OK-BIT Co., Ltd.
As a result of the registration, Crypto.com will make inroads into the South Korean market, which is very interested in cryptocurrencies. The country’s authorities are keen on ensuring that crypto companies follow the law, and without a registration, there is no hope for a business to operate in the country.
Crypto.com and its management are also keen on regulatory compliance and protecting consumers. Kris Marszalek, Co-Founder and CEO, noted the need for obtaining the registration and the potential in the South Korean market,
“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.”
Crypto.com has already received similar approvals in regions like Singapore, Dubai, Italy, Greece, and Cyprus. This is but a small list of countries, and it is likely to increase as more countries demand official approval in order to operate.
Following the announcement, the CRO token — native token of the Crypto.com exchange — experienced a 4% jump.
More Registrations, Regulation, and Reviews Incoming in 2022
2022 has been a year of many developments — regulation not the least of them. There has been a slew of bills, official statements, recommendations, orders, and changes this year, as countries take note of the rapidly growing crypto market.
Governments have begun signing bills and new orders at a greater speed to protect investors and prevent illicit financial activity. One of the biggest focuses has been stablecoins, which governments are worried that it can threaten fiat currencies — and the TerraUSD crash has also sparked a new desire to regulate the special assets.
The United Kingdom is the latest to work on stablecoin regulation, with a new markets bill paying special attention to it. The crypto market will not be unregulated for much longer, and this should do good in the long run.