Popular cryptocurrency exchange CryptoCom has expanded into South Korea through new acquisitions. The trading platform has acquired two Korean financial services providers.
CryptoCom on Monday announced its expansion into the country after securing the Electronic Financial Transaction Act and Virtual Asset Service Provider registration through the acquisition of payment service provider PnLink Co., Ltd. and virtual asset service provider OK-BIT Co., Ltd.
The expansion follows CryptoCom’s progression from two months ago when it announced the reduction of 5% of its workforce due to extreme market conditions.
CryptoCom Expands Into South Korea
“We believe our services can not only help further evolve and empower commerce in Korea, but also support the greater creation and development of our Web3 ecosystem. Korea is a tremendously important market for Crypto.com in advancing blockchain technology,” Patrick Yoon, General Manager, South Korea of CryptoCom said.
With Electronic Financial Transaction Act registration, CryptoCom will be able to provide financial products and services via electronic devices to South Korean users, while with Virtual Asset Service Provider registration, it will provide crypto asset services.
The crypto exchange did not reveal if it would be able to offer a full suite of services in the country. The financial terms of the deal were also not disclosed by the company.
Kris Marszalek, Co-Founder and CEO of CryptoCom commented on the achievement:
“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.”
CryptoCom Expansion Push
Meanwhile, CryptoCom has continued to actively expand into new markets in recent times. Coinfomania reported in June that the exchange secured provisional approval from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer its services to users of the region.
In July, CryptoCom received registration and regulatory approval from the Organismo Agenti e Mediatori (OAM) in Italy to offer services to Italian customers. The same month, it received approval from Cyprus Securities and Exchange Commission (CySEC).
Source: https://coinfomania.com/cryptocom-expands-into-south-korea/#utm_source=rss&%23038;utm_medium=rss&%23038;utm_campaign=cryptocom-expands-into-south-korea