[Delio] South Korea Crypto Market Expansion via Crypto.com Acquisitions
Crypto.com has disclosed a strategy to expand to South Korea through acquisition after seeing the potential of the Korean cryptocurrency markets, crypto media channel Decrypt reported on August 8.
Speaking with further details, Crypto.com has a contract with the Electronic Financial Transaction Act, which grants it the authority to serve as a virtual asset service provider and lays the “basis for the sound growth of the electronic financial industry,” through the acquisition of PnLink Co., a Singapore-based crypto platform and OK-Bit Co., a payment provider and a digital asset exchange.
This crypto movement indicates that Crypto.com has a contract with the Electronic Financial Transaction Act, which grants it the authority to serve as a virtual asset service provider and lays the “foundation for the sound development of the electronic financial industry.”
Although it is not yet obvious if these permits and purchases would necessitate more regulation, they represent a step toward giving the sector and South Korean customers more government permission and protection. Moreover, Korea Blockchain Week, the largest blockchain event in Asia is now taking place in Korea, and prominent international speakers like Vitalik Buterin, the creator of Ethereum, attend the event to speak about the upfront development of Web 3.0, cryptocurrency, and NFT.
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