Photo credit: Crypto.com
Crypto.com is launching its app in South Korea on April 29, almost two years after [acquiring](https://www.techinasia.com/cryptocom-secures-south-korean-operating-licenses) local platform OK-Bit. This marks the first time a foreign cryptocurrency exchange has entered South Korea and comes as Crypto.com expands its global footprint.
The new app will offer access to more than 150 cryptocurrencies, along with a suite of exclusive NFT projects. Additionally, users will benefit from educational resources provided by Crypto.com University.
In preparation for the app’s debut, Crypto.com has given a 30-day cessation notice to OK-Bit users, which will coincide with the new app’s launch. This step aligns with the company’s efforts to ensure compliance with South Korean crypto regulations.
The OK-Bit buy enabled Crypto.com to become registered under the Electronic Financial Transaction Act and as a Virtual Asset Service Provider in August 2022. The company has also established deals with leading South Korean brands across the finance, entertainment, and tech sectors.
However, regulations are only one part of Crypto.com’s South Korean journey, as it faces an uphill battle for market share against local leader Upbit.
In addition to South Korea, Crypto.com said it received a major payment institution license from the Monetary Authority of Singapore in June last year to offer digital payment token services in the city-state. It also has approvals or licenses in other markets, including Australia, Canada, the US, and the UK.
See also: A Malaysian Web3 pioneer defies downturn with 33x profit surge since 2019
Editing by Putra Muskita and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
