The speediest expanding crypto venue across the globe, Crypto.com, has declared today having obtained registration under the Electronic Financial Transaction Act to provide services related to virtual assets in South Korea. The CEO and co-founder of Crypto.com, Kris Marszalek, stated that the current move is considered to be of substantial importance for the platform in the market.
South Korean Authorities Provide Crypto Licenses to Crypto.com
He mentioned that they are determined to operate in collaboration with the regulators to keep on taking their services and goods to the market, especially in the regions taking into account South Korea where there is a great level of adoption and interest in digital currencies. In the words of the general manager at Crypto.com for South Korea, Patrick Yoon, they are confident that the services provided by them will advance the development of their Web3 ecosystem.
He added that the country provides a remarkable market for the platform to take blockchain technology to a further level. To achieve the respective landmark, resilience has been shown by Crypto.com and the venue will accomplish its objective of leading the market in terms of regulatory compliance, awareness, protection as well as the safety of the customers. Crypto.com enthusiastically pursues advancement and expansion in its ecosystem, with up to 50M consumers throughout the world.
The current declaration is witnessed after the acquisition of an in-principal authorization on the behalf of the Monetary Authority of Singapore for being a Major Payment Institution License, registration from the Cyprus-based Securities and Exchange Commission, registration under the Italian Organismo Agenti e Mediatori (OAM), and a provisional certification from the Dubai Virtual Assets Regulatory Authority for a Virtual Asset License.
Crypto.com Keeps on Attaining New Licenses
Crypto.com was established in 2016 with offering services to nearly 50M consumers. It is known as the most swiftly growing crypto venue in the world. The vision of the forum is to enable everyone to access crypto. Its preferences take into account compliance, privacy, and security. It is also focused on enhancing crypto adoption via innovation as well as supporting the coming generation of entrepreneurs, creators, and builders to construct a more unbiased and reasonable digital ecosystem.
Nonetheless, no specifications were provided by Crypto.com about the deal size or if any regulatory hurdles would be experienced by it. The respective acquisition takes place In during the decline witnessed in the platform’s position within the crypto market due to which many big entities have been pushed to decrease their staff as well as to reestablish their growth strategies.
Nevertheless, within this dip in the crypto market, several efforts have been carried out by the cryptocurrency company to increase the span of its services and products. The recently gained licenses and registrations are a clear indication that it has been effective to a great extent in translating its vision into reality. Such endeavors are pulling the crypto industry out of the recent crypto winter that has proved to be a severe and prolonged time for affecting the whole crypto market.
