Global cryptocurrency platform Crypto.com has secured Electronic Financial Transaction Act (EFTA) and Virtual Asset Service Provider (VASP) registration in South Korea through the acquisitions of local payment service provider PnLink and virtual asset service provider OK-BIT.
Crypto.com acquires EFTA and VASP registration in South Korea
Patrick Yoon, general manager, South Korea at Crypto.com, says the move will “help further evolve and empower commerce in Korea, but also support the greater creation and development of our Web3 ecosystem”.
Yoon adds that South Korea is a “tremendously important market for Crypto.com in advancing blockchain technology”.
Founded in 2016, Crypto.com claims to serve over 50 million customers across the world, allowing users to buy and sell crypto through its exchange as well as buy products and services with crypto using the firm’s card offering.
Kris Marszalek, co-founder and CEO of Crypto.com, adds: “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.”
The news follows Crypto.com receiving provisional approvals for a Major Payment Institution Licence from the Monetary Authority of Singapore and a Virtual Asset Licence from the Dubai Virtual Assets Regulatory Authority.
