Centralized cryptocurrency exchange Crypto.com is set to introduce its cryptocurrency trading app to South Korean retail investors on April 29.
The platform will offer access to over 150 cryptocurrencies and non-fungible tokens (NFTs) on the Crypto.com app for South Korean users. Eric Anziani, the president and CEO of Crypto.com, highlighted South Korea’s significance for the company’s growth and expressed excitement about collaborating with regulators to promote responsible industry growth.
The new platform will replace crypto exchange OK-Bit, which Crypto.com acquired in 2022. OK-Bit will discontinue its services on April 29, coinciding with the app’s launch.
The app will cater exclusively to retail investors in South Korea, as institutional investment in crypto has been prohibited since 2017. Additionally, due to crypto not being recognized as financial assets by regulators, institutions are barred from investing in crypto-related exchange-traded funds.
Crypto.com’s launch in South Korea is part of its broader global expansion efforts. The exchange has a strong presence in key jurisdictions like North America, Western Europe, the United Kingdom, and Asia.
The exchange has been actively working on strengthening its presence in South Korea since 2022 when it secured registration under the Electronic Financial Transaction Act and as a virtual asset services provider in the country.
The expansion comes amid tightening regulations for crypto exchanges and executives in South Korea. The Financial Intelligence Unit (FIU) announced stricter measures for crypto exchanges, including the potential expulsion of platforms deemed unsuitable. The FIU aims to enhance screening procedures and prevent unfit exchanges from entering the economy.
In February, the Financial Services Commission (FSC) proposed an amendment requiring new crypto firm executives to obtain regulatory approval before assuming their roles. If accepted, new executives would need FSC approval before commencing work.
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