Crypto.com (a crypto exchange) has obtained a couple of significant licenses to legitimately run in South Korea as a Virtual Asset Service Provider (VASP) via acquiring two firms. In its press release, it was stated that they got their VASP and Electronic Financial Transaction Act registrations following the accomplishment of OK-BIT CO and PnLink Co.’s purchase.
South Korea Offers VASP Registration
This is considered to be the exclusive move taken by Crypto.com to run legitimately in many jurisdictions across Europe as well as Asia while aiming at expanding the user base. While working as a regulated venue in a specified jurisdiction, the broker should have additional credibility, particularly in the case of incidents that have taken place during the crypto winter like Voyager Digital and Celsius Network’s debacle.
Dealing with the respective achievement, Crypto.com’s chief executive officer and co-founder mentioned that they are dedicated to operating in cooperation with the regulatory agencies to keep on introducing their services and products within the market, especially within the jurisdictions such as South Korea, as the customers in such areas have displayed a resilient inclination toward digital currencies’ adoption.
Continued Expansion of Crypto.com
On 22nd July, approval was given to the broker from the Securities and Exchange Commission of Cyprus to bring a huge list of services to the users thereof within the country in line with the regulations implemented within the locality. Apart from having an above-mentioned couple of licenses, the brokerage venue has been provided with permission to run in Greece, Italy, and Dubai.
Since 2016, Crypto.com has been offering services to consumers. It was established on the behalf of 4 entrepreneurs and its earliest name was Monaco. The venue at the moment provides access to more than two hundred cryptocurrencies in which Shiba Inu (SHIB), Filecoin (FIL) as well as the top Bitcoin and Ethereum are included. In 2018, the company acquired its present domain, having a valuation of up to $5 to $10 million.
Crypto.com plays the role of a decentralized exchange letting its consumers buy the native CRO token of the firm to be utilized as a method of payment for the entirety of the transfer charges. CoinMarketCap asserts that the position of Crypto.com among the crypto exchanges is 15th with 6.5 as its score in terms of an evaluation of web traffic, trading volumes, as well as the provider’s liquidity.