CryptoCom – received Electronic Financial Transaction Act and Virtual Asset Service Provider registration from the South Korean regulators after acquiring the payment service provider – PnLink Co. – and the digital asset firm – OK-BIT Co.
CryptoCom’s latest approval in the East Asian country could be considered a fresh breath of air since it has been heavily affected by the bear market and had to reduce a considerable chunk of its staff.
Completing a Mission Amid the Crypto Winter
In a recent announcement, the crypto platform’s Co-Founder and CEO – Kris Marszalek – described South Korea as an “important market” where his company is committed to cooperating with watchdogs and bringing its products and services. He further praised Koreans for showing a strong interest in the digital asset universe.
CryptoCom reiterated its plans to become an industry leader and a trading venue that enables maximum protection, awareness, and regulatory compliance. Receiving a green light from the South Korean watchdogs should aid these intentions and establish a secure bridge between domestic clients and the exchange. Speaking on the move was also Patrick Yoon – General Manager at CryptoCom, 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.”
With nearly 50 million users, the Singapore-based cryptocurrency platform is among the best-recognized names in its field. Over the past few years (prompted mainly by the bull run in 2021), CryptoCom launched massive marketing campaigns and partnered with several celebrities to popularize itself.
For one, the Oscar-winning actor Matt Damon is still the face of the firm on its official website. Another example of its advertising efforts is the collaboration with the iconic Los Angeles arena – the Staples Center. After shaking hands on a $700 million deal, the home ground of the LA Lakers was renamed to CryptoCom Arena.
However, the ongoing crypto winter halted the company’s expansion. The market’s collapse and the investors’ outflow were the main reasons for the dismissal spree that reigns in CryptoCom. In June, it terminated 5% of its employees, while weeks later, it continued to lay off workforce.
Expansion to Dubai and Italy, too
Two months ago, the exchange secured provisional approval from Dubai’s regulators to provide a variety of cryptocurrency services in the city. VARA (the top monetary watchdog of the UAE’s financial hub) explained that CryptoCom completed all necessary compliance procedures, which is why it received the green light.
Last month, Italy’s Orgamismo Agenti e Mediatori (OAM) also gave its regulatory nod to the platform to offer products and services to Italian-based clients. Back then, Kris Marszalek commented:
“We are excited to receive this registration in Italy and view it as a major step forward for CryptoCom. We are committed to building lasting growth in the region and will continue working with regulators to deliver a wide range of products and services to our valued customers.”