CryptoCom Gets License for Cryptocurrency Services in South Korea

CryptoCom has received approval to provide virtual assets service in South Korea. That is, the company will now be able to easily provide services related to cryptocurrency in the country. The company has got this license under the Electronic Financial Transaction Act of South Korea, which has been approved by the regulators of South Korea. The company had to face dire consequences in the recent downturn in the cryptocurrency market. In addition, CryptoCom has also hired two South Korean firms, including payment service provider PnLink and virtual asset provider OK-Bit.

In an official blog post, CryptoCom CEO Kris Marszalek called South Korea an excited market. “We believe that with the launch of our service, not only will commerce in Korea get more power and expansion, but it will also help develop the Web3 ecosystem,” he said. Patrick Yoon, general manager of CryptoCom in South Korea, has said that Korea is a very important market for them.

According to a study by the Financial Services Commission in South Korea, the crypto market in the country had reached a valuation of $46 billion (approximately Rs 3,66,318 crore) by the end of 2021, taking the number of users to around 5.58 million. This number was about 10 percent of the country’s population.

SK Telecom, the largest network provider here, is currently building a crypto wallet that is based on advanced Web3 capabilities. Meanwhile, CryptoCom, which was created in 2016, claims to have over 50 million customers worldwide.

The platform is gradually rolling out Google Pay support on its app to give users access to cryptocurrency purchases through Google’s online payment service. Apart from this, the company is constantly trying to get approval in other countries as well.

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