Crypto.com plans to start its digital asset trading platform in South Korea on April 29. This decision comes as the platform takes over the activities of OK-BIT, a locally licensed cryptocurrencycurrency exchange that had announced its closure. Crypto.com purchased OK-BIT last year, laying the groundwork for this new business.
Crypto.com’s President and COO, Eric Anziani, was enthusiastic about moving into the South Korean market, emphasizing its importance to the company’s growth strategy. South Korea is known for its strong interest in cryptocurrencycurrencies, making it an important market for Crypto.com.
Korean token owners will be able to transact with cryptocurrencycurrencies and NFTs via the app. However, because South Korean regulations prohibit institutions from directly purchasing digital assets, our cryptocurrencycurrency trading platform is primarily designed for retail clients.
South Korea takes action on this issue. As a result, cryptocurrency platforms that are not banks can only deal with domestic fiat money in order to prevent money laundering and market manipulation.
The initial step in Crypto.com’s cryptocurrency-to-cryptocurrency exchange development will be to obtain bank permission in order to give its users with a comprehensive trading experience and security.
Crypto.com’s efforts to comply with local legislation and expand its services are widely watched by industry analysts, since they have the potential to greatly impact the South Korean cryptocurrency market.
