Crypto exchange Crypto.com secured the Electronic Financial Transaction Act (EFTA) and Virtual Asset Service Provider (VASP) registrations for its operations in South Korea through the acquisition of two firms in the country.
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The acquired firms are payment service provider PnLink and virtual asset provider OK-Bit. The exchange also reiterated its commitment to cooperating with regulators for compliance.
This represents the latest milestone in Crypto.com’s license acquisition spree, having secured approvals in Singapore and Dubai, and registrations in Italy, Greece, and Cyprus.
“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,” said Crypto.com co-founder and CEO Kris Marszalek in a statement.
However, Crypto.com had recently let go of 260 employees from its Singapore office, citing the need for continued and sustainable growth as the reason.
See also: Can Stepn, the new hottest crypto project, go the distance?
Editing by Miguel Cordon and Jaclyn Tiu
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