On April 29, Crypto.com, a centralized cryptocurrency exchange, is set to introduce its cryptocurrency trading app to retail investors in South Korea, marking a significant step in its global expansion efforts. In an announcement made on April 2 by Crypto.com President and CEO Eric Anziani, it was revealed that the platform will offer South Korean users access to over 150 cryptocurrencies and non-fungible tokens (NFTs) initially. Anziani emphasized the importance of this market segment, highlighting the thoughtful advancements made by Korean regulators in the industry.
The new platform's launch coincides with the discontinuation of services by OK-Bit, a cryptocurrency exchange acquired by Crypto.com in 2022. OK-Bit will halt its operations on April 29, the same day the Crypto.com app goes live. Given that South Korean institutions have been prohibited from investing in cryptocurrencies since 2017, the app will cater exclusively to retail investors in the country.
Furthermore, South Korean financial regulations also prohibit institutions from investing in cryptocurrency-related exchange-traded funds, as cryptocurrencies are not recognized as financial assets by the country's financial regulator. This regulatory landscape underscores the importance of targeting retail investors for Crypto.com's expansion into South Korea.
Crypto.com's foray into the South Korean market aligns with its broader strategy of establishing a strong presence in key jurisdictions worldwide. The exchange already boasts a significant foothold in "Tier 1" regions such as North America, Western Europe, the United Kingdom, and various parts of Asia. The company has been diligently working to bolster its position in South Korea since at least 2022, when it secured Electronic Financial Transaction Act and Virtual Asset Service Provider registration in the country.
