Global cryptocurrency platform Crypto.com is expanding its reach to South Korea, launching its retail trading app in the country on April 29. This move comes after the exchange acquired the locally licensed crypto exchange OK-BIT in 2022.
In an announcement on Tuesday, Crypto.com President Eric Anziani expressed excitement, stating: “We are incredibly excited to be launching the Crypto.com App for retail users in South Korea—a market of tremendous importance to the growth of our business and one in which consumers are very interested in crypto.”
The new Crypto.com App, a gateway to a world of digital assets, will empower South Korean individual investors to trade over 150 cryptocurrencies and non-fungible tokens (NFTs). As Eric Anziani noted, “South Korean regulators are thoughtfully advancing the sector, and we look forward to continuing to collaborate with them to help grow the industry responsibly.”
South Korea has strict regulations prohibiting institutions from investing in cryptocurrencies directly or through investment funds. As a result, the Crypto.com App will cater exclusively to retail traders in the country.
Crypto.com Strategy In South Korea
To operate legally, crypto exchanges in South Korea must partner with local banks to offer fiat-to-crypto trading services. Crypto.com stated it would initially launch as a crypto-to-crypto exchange while working to secure the required banking partnership.
The launch comes amid tightening regulations in South Korea. The country’s Financial Intelligence Unit has announced stricter screening measures, with the possibility of expelling “unsuitable” crypto exchanges. Additionally, a proposed amendment would require new crypto firm executives to obtain regulatory approval before assuming their roles.
Despite the challenges, South Korea remains an attractive market with a large and active cryptocurrency trading community. The country’s five fully licensed exchanges facilitated nearly $3 billion in crypto transactions over the past 24 hours.
Crypto.com’s expansion into South Korea is part of its global growth strategy. The exchange has a strong presence in major markets like North America, Western Europe, and Asia, continuously working to bolster its regulatory compliance.
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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
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