Crypto.com Gets South Korea Green Light Following Local Acquisitions

Updated by Geraint Price
In Brief
  • Crypto.com authorization is now able to operate in South Korea.
  • The platform recently received similar approvals in Italy, Greece, Cyprus and Singapore.
  • However, the company was forced to reduce its headcount by 5%.
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Cryptocurrency platform Crypto.com has made a pair of acquisitions in South Korea, giving it the authority to operate and as a virtual-asset service provider.

Crypto.com acquired payment service provider PnLink and virtual asset service provider OK-BIT, according to a press release. This has provided the company with Virtual Asset Service Provider registrations under the nation’s Electronic Financial Transaction Act.

The announcement neglected to reveal the size of the deals or whether the crypto platform faces any further impediments to offering a full suite of services in South Korea. 

“Korea is a tremendously important market for Crypto.com in advancing blockchain technology,” said Patrick Yoon, General Manager, South Korea of Crypto.com. “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.” 

Crypto.com approvals and rejections

While coming on the heels of a string of recent approvals around the world, Crypto.com has also been beset by current market upheavals. Last month, it received regulatory approval as a VASP from the Italian watchdog Organismo Agenti e Mediatori (OAM), in addition to registration in Greece from the Hellenic Capital Market Commission, and registration in Cyprus from the Securities and Exchange Commission.

Earlier in June, it had received in-principle approval from the Monetary Authority of Singapore to provide digital payment token services in the city state.

Meanwhile, Crypto.com has also been affected by the downturn in the cryptocurrency markets over the course of the year so far and has had to reduce its headcount.

While the layoffs only affected 5% of their staff, rival crypto platforms BlockFi and Coinbase had to cut their staff by 18% and 20% respectively, with the latter even rescinding offers it had made to prospective hires.

Coinbase chief executive and co-founder Brian Armstrong said he believed that the company had grown too quickly and was to blame for at least some of its problems.

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