After purchasing the payment service provider PnLink Co. and the digital asset company OK-BIT Co., CryptoCom has obtained Electronic Financial Transaction Act and Virtual Asset Service Provider registration from the South Korean regulators.
Since it has been severely impacted by the bear market and has had to eliminate a sizeable portion of its personnel, CryptoCom’s most recent approval in the East Asian nation might be seen as a breath of new air.
The co-founder and CEO of the cryptocurrency platform, Kris Marszalek, recently announced that he referred to South Korea as an “important market” where his company is dedicated to working with watchdogs and introducing its goods and services. He also commended Koreans for their keen interest in the world of digital assets.
CryptoCom reaffirmed its goals of dominating the market and developing into a trading platform that supports the highest levels of security, education, and legal compliance. Getting the go-ahead from the South Korean watchdogs should support these goals and build a secure connection between local customers and the exchange. Kris Marszalek, Co-Founder, and CEO of Crypto.com, also commented on the move:
“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.”
The Singapore-based cryptocurrency platform is one of the most well-known names in its industry, with close to 50 million users. The bull run in 2021 served as the primary catalyst for the recent marketing campaigns that CryptoCom has done to gain notoriety over the past few years.
The company’s official website still has Oscar-winning actor Matt Damon as its representative. In addition, the company’s partnership with the Staples Center, a renowned arena in Los Angeles, is another illustration of its advertising initiatives. The LA Lakers’ home court was renamed CryptoCom Arena after signing a $700 million deal. However, the current crypto winter hampered the company’s growth. The market crash and the exodus of investors were the primary causes of the current hiring frenzy at CryptoCom.
