Crypto.com delays the start in South Korea due to regulatory hurdles
Crypto.com delays the start in South Korea due to regulatory hurdles
- crypto.com shifts to South Koreas.
- The company had acquired OK-BIT and PNLINK for compliance with legal regulations.
- Despite the temporary stop, the company continues to endeavor to master the challenges in order to finally penetrate the country.
crypto.com has decided to temporarily stop his plans for entering the South Korean market.
The step takes place because the company is confronted with regulatory challenges in one of the most dynamic cryptocurrency centers in the world.
Despite takeovers, Crypto.com is faced with regulatory hurdles
At the beginning of this month, Crypto.com announced his plans to enter the South Korean market to offer South Korean customers access to a wide range of cryptocurrencies and exclusive non-fungal tokens (NFT) projects.
Since South Korea is the fourteenth largest economy worldwide, this step was regarded as a strategic step.
Despite the initial enthusiasm, Crypto.com was faced with regulatory challenges that forced the company to put its expansion to South Korea on hold. In a current email, the company recognized the difficulties with which foreign exchange was confronted with entering the South Korean market. Nevertheless, the company confirmed its commitment to cooperation with the local regulatory authorities in order to cope with complexity.
By taking up two local cryptocurrency companies, OK-BIT and PNLINK, in August 2022 the company made considerable progress in building its presence in South Korea. Through these takeover, Crypto.com laid the foundation for securing essential official licenses in the country.
Despite the regulatory setbacks, Crypto.com remains optimistic about his prospects in South Korea. The company recognizes the enormous potential of the market and the growth opportunities it offers.
goal of crypto.com is to finally make a name for yourself on one of the most dynamic cryptocurrency markets in the world after the company has cleared regulatory concerns and promoted cooperation with local authorities.
Source: Coinlist.me