Crypto.com has announced expansion into South Korea via the acquisition of two locally registered firms – the payments provider PnLink Co. and virtual asset platform OK-BIT Co.
With the deals, Crypto.com now holds the Electronic Financial Transaction Act (EFTA) and Virtual Asset Service Provider (VASP) registrations.
But while Crypto.com said it had completed the acquisitions, it did not disclose the deals’ size or other whether there are further regulatory requirements to be met.
South Korea is an important market
According to Crypto.com, the EFTA and VASP registrations will be key to growing the company’s market in South Korea, including in promoting blockchain technology and Web3.
Kris Marszalek, co-founder and CEO of Crypto.com said in a comment that the acquisitions offer the exchange an opportunity to expand into 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.”
News of the deals come amid a wider market slowdown following the crypto winter, and heightened regulatory attention on the crypto sector due to the collapse of some high profile crypto companies.
However, while several companies have in recent months cut their headcounts amid the bear market, many are also using the opportunity to build their projects and expand into new markets.For Crypto.com, news of its efforts in South Korea come on the back of several regulatory milestones, including in Singapore, Italy, Greece, Cyprus and Dubai.
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