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Cryptocom is set to introduce its digital asset trading platform in South Korea, marking its entry into the local market by the end of this month. The initiative follows the acquisition of local exchange OK-BIT by Cryptocom back in 2022.
Announced on Tuesday, Cryptocom’s retail trading services are scheduled to commence on April 29th, targeting the South Korean audience. The platform will replace OK-BIT and is poised to adhere to the rigorous regulatory framework outlined by local authorities.
Eric Anziani, the President and Chief Operating Officer of Cryptocom, expressed enthusiasm about the launch, emphasizing South Korea‘s significance in their business expansion. He highlighted the strong consumer interest in cryptocurrency within the South Korean market.
The new Cryptocom platform, dubbed the Cryptocom App, will cater to retail users, enabling them to trade both cryptocurrencies and non-fungible tokens (NFTs). However, institutional clients will not be served due to regulations barring South Korean institutions from direct crypto investments.
South Korea’s regulatory landscape mandates crypto exchanges to establish bank partnerships to facilitate fiat-to-crypto trading, aiming to mitigate money laundering and market manipulation risks. While OK-BIT and similar exchanges without bank partnerships were limited to crypto-to-crypto trading, Cryptocom aims to eventually secure such a partnership to offer a comprehensive trading experience.
Cryptocom’s initial services will focus on crypto-to-crypto exchanges, with plans to pursue a local bank partnership to expand its offerings, as reported by South Korean news agency News1.
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