Centralized cryptocurrency exchange Crypto.com announced the launch of its crypto trading app in South Korea. The app launches on April 29, granting users access to over 150 cryptocurrencies.
Crypto.com announced on April 2 that it will launch the Crypto.com trading app in South Korea, allowing retail users to trade in select cryptocurrencies. On April 29, retail customers can open crypto trading accounts on the app and access over 150 cryptocurrencies.
Crypto.com Expands to South Korea Amid Increased Regulatory Oversight
Centralized cryptocurrency exchange Crypto.com announced it will launch its crypto trading app in South Korea. Starting April 29, retail investors will have access to over 150 cryptocurrencies and NFTs. According to the exchange, its users will have access to “exclusive NFT projects via Crypto.com NFT, educational and resource materials via Crypto.com University, as well as industry-leading users benefits and rewards offerings.”
Eric Azani, CEO and president of Crypto.com, said:
“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. 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 exchange’s announcement is significant as the South Korean government has increased its scrutiny of the crypto industry over recent months and introduced several guidelines for crypto users and investors to adhere to.
The Virtual Asset Investor Protection Act is expected to be enacted in July 2024 and is set to confer additional responsibilities on crypto exchanges regarding the protection of customer assets. If passed, the Act will mandate exchanges to maintain 80% of user funds or an equivalent amount in cold wallets. The Act also introduces new accounting guidelines requiring local crypto firms to disclose their holdings.
After the US Securities and Exchange Commission (SEC) approved 11 spot bitcoin exchange-traded funds (ETFs), South Korea reiterated its ban on crypto ETFs. In a bid to increase government transparency and trust, the country’s Ministry of Personnel Management announced that 5,800 public officials must disclose their property details, including crypto holdings.
The increase in regulatory oversight led Huobi Korea to terminate its operations on January 29, 2024.
Exclusively Serving Retail Customers
Despite the government crackdown on the crypto industry, Crypto.com will advance as planned. The exchange’s new platform will take over from crypto exchange OK-Bit, which the company acquired in 2022. OK-Bit’s services cease on April 29 as Crypto.com’s app launches.
The app will exclusively serve retail customers as institutional crypto investment was banned in 2017. South Korea does not recognize cryptocurrencies as financial assets and prohibits South Korean institutions from investing in the industry.
According to Crypto.com’s announcement, the exchange said it would continue to consult with regulatory authorities to ensure compliance with local laws and regulations.
Patrick Yoon, General Manager of Crypto.com South Korea, commented on the launch, sharing his excitement:
“South Korean crypto enthusiasts are highly engaged with the market and eager for more comprehensive and regulated Web3 products and services. We spent significant time and resources tailoring our offering for this market and are honoured to be the first and largest global cryptocurrency exchange to launch in South Korea.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
