Crypto.com Expands to South Korea Despite Growing Regulatory Scrutiny!
Crypto.com is a cryptocurrency exchange. It recently announced that it will launch its cryptocurrency trading app to retail investors in South Korea in a bid to expand its operations. And they will launch this new app for retail investors in South Korea from the 29th of this month. They offer quite a few benefits in their new application and they announced that their new application will offer access to more than 150 cryptocurrencies and nonfungible tokens (NFTs), which is an important market for the company's growth.
Their new app will exclusively serve retail investors in the country. Because Crypto.com had been trying to operate their operations in the country for a long time. But an important point here is that the country's financial regulators refuse to recognize crypto as a financial asset, so institutions are also prohibited from investing in crypto-related exchange-traded funds. South Korean institutions have been banned from investing in crypto since 2017. South Korean regulators are thoughtfully moving the sector forward and we look forward to continuing to collaborate with them to help grow the industry responsibly.
The Crypto.com platform will acquire this new app from crypto exchange OK-Bit. which was acquired by Crypto.com in 2022. But here is another important thing that from the day that Crypto.com will launch their services through new application, OK-Bit will stop their services from 29th of this month.
Crypto.com has a strong presence in "tier one" jurisdictions such as North America, Western Europe, the UK and Asia. The recent launch in South Korea is part of the crypto exchange's global expansion efforts. The platform has been trying since 2022 to expand its operations to South Korea. However, the country has enacted a law on crypto or exchange-based services that has secured an electronic financial transaction law and registration of virtual asset service providers in the country.
However, the country of South Korea has strict regulations for crypto exchanges and company executives. But this new expansion by Crypto.com comes despite strict regulations. South Korea's Financial Intelligence Unit (FIU) announced the tightening of regulatory measures for crypto exchanges in the country last February. They announced a tightening of the regulatory regime for crypto exchanges in the country, with the possibility of expelling platforms deemed "unsuitable", they said in their announcement. However, despite this regulation, this platform is currently going to conduct its new operations in the country.
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Well this is most definitely an interesting development in south korea, no doubt it will help retailers there engage in buying and selling of cryptocurrencies with the lunch if crypto.com exchange.
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These kinds of news are coming more recently, the main reason is that it is a very good time for Crypto Currency, hopefully there will be less bad news in the near future.