CryptoCom Grabs Virtual Asset Service Provider License in South Korea

The crypto firm has been granted the necessary licences under the nation’s Electronic Financial Transaction Act.

By Radhika Parashar | Updated: 9 August 2022 15:18 IST

CryptoCom Grabs Virtual Asset Service Provider License in South Korea

Photo Credit: Unsplash/ Daniel Bernard

Over 5.58 million South Koreans reportedly held crypto assets in 2021

Highlights

CryptoCom is pulling itself out of recent market slump
CryptoCom has operational licence in Italy
The crypto exchange has also expanded business in Dubai

CryptoCom has bagged approvals to operate as a virtual assets service provider in South Korea. The crypto firm has been granted the necessary licences under the nation's Electronic Financial Transaction Act from the South Korean regulators. This development for CryptoCom marks a comeback for the company after having faced severe repercussions in the recent crypto slump. CryptoCom has also acquired two South Korean firms, payment service provider PnLink and virtual asset provider OK-Bit, for an undisclosed amount of capital.

In an official blog post, CryptoCom CEO Kris Marszalek called South Korea an exciting market.

“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 CryptoCom in advancing blockchain technology,” said Patrick Yoon, General Manager, CryptoCom, South Korea.

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The crypto market in South Korea touched the valuation of $46 billion (roughly Rs. 3,66,318 crore) by the end of 2021, with the number of users reaching nearly 5.58 million or around 10 percent of the country's population, as per a study by South Korea's Financial Service Commission.

Its largest network provider, SK Telecom is currently creating a crypto wallet, powered by advanced Web3 capabilities.

Meanwhile, CryptoCom, founded in 2016, claims to serve over 50 million customers from around the world.

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The platform is gradually rolling-out Google Pay support on its app to allow users to purchase cryptocurrencies via Google's online payment service.

The company has also been bagging approvals from regulators in other nations.

Back in July, Organismo Agenti e Mediatori (OAM), the top financial regulator in Italy has approved the operations of CryptoCom exchange in the country.

Similarly, two months ago, the exchange managed to secure provisional approval from Dubai's regulators to provide a variety of cryptocurrency services in the city.

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Further reading: Cryptocurrency, Virtual Digital Assets, South Korea, CryptoCom

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More