Fun

Crypto.com expands in South Korea despite increasing regulatory scrutiny

News Feed - 2024-04-02 06:04:39

Zoltan Vardai14 hours agoCrypto.com expands in South Korea despite increasing regulatory scrutinyDespite tightening regulatory measures, the exchange has been growing its South Korean presence for years.8378 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCentralized cryptocurrency exchange Crypto.com will launch its cryptocurrency trading app to South Korean retail investors on April 29.


The platform will initially offer access to over 150 cryptocurrencies and nonfungible tokens (NFTs) on the Crypto.com app for South Korean users, which is a significant market segment for the company’s growth, wrote Eric Anziani, the president and CEO of Crypto.com, in an April 2 announcement:“South Korean regulators are thoughtfully advancing the sector and we look forward to continuing to collaborate with them to help grow the industry responsibly.”


The new platform will take over from crypto exchange OK-Bit, which was acquired by Crypto.com in 2022. OK-Bit will cease services on April 29, the day of the app’s launch.


The new app will exclusively serve retail investors in the country, as South Korean institutions have been banned from investing in crypto since 2017.


Since the country’s financial regulators refuse to recognize crypto as financial assets, institutions are also banned from investing in crypto-related exchange-traded funds.


The launch in South Korea is part of the crypto exchange’s global expansion efforts. Crypto.com has a strong presence in “tier one” jurisdictions such as North America, Western Europe, the United Kingdom and Asia.


The exchange has been working on bolstering its South Korean presence since at least 2022 when it secured an Electronic Financial Transaction Act and virtual asset services provider registration in the country.


Related:Crypto.com president talks up MiCA, allowing exchanges to expand across EuropeSouth Korea tightens regulatory crypto oversight


The expansion comes despite tightening regulations for crypto exchanges and company executives in the country.


South Korea’s Financial Intelligence Unit (FIU) announced a tightening of regulatory measures for crypto exchanges in the country, including the possibility of expelling platforms that are deemed “unsuitable,” according to a Feb. 12 report.South Korea’s rising crypto generation. Source: YouTube


The FIU also aims to expand the scope of screening procedures in the crypto market and prevent unfit exchanges from entering the economy.


In February, South Korea’s Financial Services Commission (FSC) proposed a new amendment that would mandate new crypto firm executives to obtain regulatory approval before assuming their roles.


If the amendment is accepted, new executives won’t be able to work until the FSC formally approves their applications.


Related:Upbit’s trading volume falls below $4B after reaching yearly high in March# Cryptocurrencies# South Korea# Cryptocurrency Exchange# Exchanges# RegulationAdd reactionRead moreArgentine government passes registration requirements for crypto firmsPrice analysis 4/2: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, ADA, AVAXSpot Bitcoin ETF trading volume tripled in March to $111 billion

News Feed

Ripple Partners With Africa-Focused Remittances and Payments Firm MSF Africa
Ripple Partners With Africa-Focused Remittances and Payments Firm MSF Africa Ripple, the United States-based tech firm, has said its crypto solution known as “on-demand liqui
Ross Ulbricht Uses Elliot Waves to Predict Bitcoin’s Trajectory From Behind Bars
Ross Ulbricht Uses Elliot Waves to Predict Bitcoin’s Trajectory From Behind Bars Ross Ulbricht, serving life without parole for allegedly running the Silk Road marketplace, has
Ether’s ‘most obvious bullish setup’ is set for H2 2024, says former Wall Street trader
Zoltan Vardai11 hours agoEther’s ‘most obvious bullish setup’ is set for H2 2024, says former Wall Street traderOther analysts also expect a new Ether all-time high after the spot ETFs launch, but the price is stru
US Personal Consumption Expenditures Tap Record Highs, Stanford Economist Says Fed Should Increase Rates Above 9%
US Personal Consumption Expenditures Tap Record Highs, Stanford Economist Says Fed Should Increase Rates Above 9% On July 29, the U.S. Bureau of Economic Analysis reported on Ameri
Japan Considers Stricter Crypto Regulations in Light of Russia Sanctions
Japan Considers Stricter Crypto Regulations in Light of Russia Sanctions Authorities in Japan are planning to introduce tougher new rules for crypto operators as part of efforts to
‘Arivaman’ to Travel the World in a Unique and Innovative Way
‘Arivaman’ to Travel the World in a Unique and Innovative Way press release PRESS RELEASE. As the new year gets underway, there has been a lot of speculation and interest regard
Twitter Changes Bird Logo to Picture of Doge, Dogecoin Price Surges 23% After the Change
Twitter Changes Bird Logo to Picture of Doge, Dogecoin Price Surges 23% After the Change On Monday, Twitter users noticed that the traditional blue bird logo had been replaced by a
Crypto-Fueled Market Openbazaar to Close Shop Unless OB1 Raises Community Funding
Crypto-Fueled Market Openbazaar to Close Shop Unless OB1 Raises Community FundingOn September 25, the creators of the decentralized marketplace, Openbazaar, announced that unless th
Gibraltar Stock Exchange Receives Purchase Proposal by Blockchain Firm
Gibraltar Stock Exchange Receives Purchase Proposal by Blockchain Firm The stock exchange of Gibraltar, a British territory, has received a purchase offer by a blockchain firm call
William Suberg9 hours agoBTC price rally in doubt? Bitcoin young supply echoes 2022 bear marketBitcoin on-chain transaction data shows “uncertain” conditions prevailing, research says, warning that Q2 is not likely t
Helen Partz10 hours agoBitmain to start shipping new Bitcoin Antminer T21 in January 2024Bitcoin miner supplier Bitmain has released its brand-new Antminer T21, featuring a computing power of 190 TH/s and an energy effic
Major Australian Baseball League Team Perth Heat to Pay Players in Bitcoin and Hold BTC on Balance Sheet
Major Australian Baseball League Team Perth Heat to Pay Players in Bitcoin and Hold BTC on Balance Sheet One of the most successful baseball teams in Australia, the Perth Heat, is