On Monday, early in the Asian trading day, renowned crypto exchange platform Crypto.com announced that it had acquired the virtual asset service provider OK-BIT Co., Ltd. and the payment service provider PnLink Co., Ltd. This allowed the cryptocurrency platform to register as a virtual asset service provider under the Electronic Financial Transaction Act in South Korea.
Notably, crypto.com, which has more than 50 million users on its platform, declared its commitment to collaborating with international regulators to market its products and services, particularly in nations like South Korea, where consumers have demonstrated a keen interest in and adoption of virtual currencies.
Growth and expansion of Crypto.com
Over the past year, cryptocurrency companies with substantial resources and promising futures have made an effort to grow. In this instance, Crypto.com is dedicated to propelling forward the Web3 sector through smart acquisitions. Patrick Yoon, General Manager of Crypto.com South Korea, commented on the latest purchase by stating:
“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.”
The business has received approval from authorities all around the world to run its crypto-related services. The Monetary Authority of Singapore’s Major Payment Institution License is one of them. Additionally, the Dubai Virtual Assets Regulatory Authority has granted the organization temporary permission for its Virtual Asset License.
The crypto platform recently declared that the Organismo Agenti e Mediatori had registered it in Italy. Additionally, the company is registered with the Cyprus Securities and Exchange Commission and the Hellenic Capital Market Commission in Greece.
Moreover, a few weeks back, Crypto.com reportedly integrated the Google Pay Purchase feature on its application.
Following the news, CRO, the native token of Crypto.com, has seen an increase in its value by more than 3.8% and is currently trading for about $0.152.