- Crypto.com is about to enter the South Korean digital assets market.
- The development comes after the company acquired a locally-licensed exchange.
- Crypto.com might still face regulatory challenges ahead.
Digital asset exchange Crypto.com will launch its retail trading services in South Korea at the end of this month, the company said in a statement shared with DailyCoin on Tuesday.
The Singapore-based exchange plans to launch its trading app to replace OK-BIT, a locally licensed crypto exchange it acquired in 2022 along with payment service provider PnLink Co. Crypto.com said OK-BIT will cease its services as of April 29 to prepare for this new venture.
Crypto.com Enters South Korea Post-OK-BIT Acquisition
According to the statement, the Crypto.com app is set for launch in South Korea on April 29 with an initial offering of “comprehensive crypto trading services” to retail customers.
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Besides opening an account to access over 150 cryptocurrencies, South Korean retail traders can leverage the app to access exclusive NFT projects via Crypto.com NFT, educational and resource materials via Crypto.com University, and reward benefits.
Crypto.com President and Chief Operating Officer Eric Anziani lauded the development, noting that the exchange would continue collaborating with South Korean regulators to help grow the domestic digital assets industry “responsibly.”
“We are incredibly excited to be launching the Crypto.com App for retail users in South Korea - a market of tremendous importance to the growth of our business, and one in which consumers are very interested in crypto,” Anziani stated.
While this is a significant milestone for Crypto.com, the exchange might not be able to offer a “full trading experience” after launching its trading app in South Korea, thanks to the country’s stringent digital assets regulations.
Regulatory Bottlenecks
According to a local media report, Crypto.com plans to launch its trading app under OK-BIT’s VASP rights until the expiration of OK-BIT’s VASP validity period in September this year. Under this arrangement, Crypto.com’s app might only be able to offer limited services in crypto-to-crypto trading, given that OK-BIT had failed to secure a bank partnership to operate in the won market.
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Furthermore, Crypto.com’s app will lock out institutional traders as South Korea-based institutions are banned from directly investing in crypto.
Read how Crypto.com’s SHIB strike options work:
Crypto.com Launches SHIB Strike Options: Here’s How It Works
Stay updated on recent Crypto.com’s win in the UK:
Crypto.com Wins Electronic Money Institution License in the UK
