Cryptocurrency exchange Crypto.com is set to launch its trading application in South Korea on April 29, signalling a strategic move to broaden its market presence. South Korean retail investors will gain access to a wide array of over 150 cryptocurrencies and nonfungible tokens (NFTs) through the Crypto.com app, marking a significant step in the company’s expansion plans.
Emphasis on the South Korean Market
Eric Anziani, the president and CEO of Crypto.com, highlighted the pivotal role of the South Korean market in the company’s growth strategy. Anziani commended South Korean regulators’ progressive approach towards the cryptocurrency sector and expressed eagerness for collaborative efforts to foster responsible industry growth.
Transition from OK-Bit to Crypto.com
The launch of Crypto.com’s trading app in South Korea coincides with the cessation of operations for crypto exchange OK-Bit, which Crypto.com acquired in 2022. This transition underscores Crypto.com’s commitment to serving retail investors in South Korea, aligning with the regulatory landscape that restricts institutional involvement in cryptocurrencies.
Also Read: South Korea Considers Removing Income Tax on Crypto Earnings
Expanding Regulatory Scrutiny
Despite Crypto.com’s expansion efforts, South Korea’s Financial Intelligence Unit (FIU) has announced stricter regulatory measures for crypto exchanges. These measures aim to enhance screening procedures and weed out exchanges deemed unsuitable for the market. Moreover, a proposed amendment by the Financial Services Commission (FSC) could further tighten controls by requiring regulatory approval for new crypto firm executives, reflecting the evolving regulatory landscape in South Korea.
Conclusion
Crypto.com’s launch of its trading app in South Korea represents a significant milestone in its global expansion strategy. By providing access to a diverse range of cryptocurrencies and NFTs, Crypto.com aims to cater to the needs of South Korean retail investors while navigating the evolving regulatory environment in the country.
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