{"id":7487,"date":"2024-04-23T19:47:31","date_gmt":"2024-04-23T19:47:31","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=7487"},"modified":"2024-04-23T17:47:43","modified_gmt":"2024-04-23T17:47:43","slug":"crypto-coms-entry-into-south-korea-delayed-by-regulatory-concerns","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/crypto-coms-entry-into-south-korea-delayed-by-regulatory-concerns\/","title":{"rendered":"Crypto.com\u2019s Entry into South Korea Delayed by Regulatory Concerns"},"content":{"rendered":"\n<p>Crypto.com, a prominent Singapore-based cryptocurrency exchange, recently faced a setback in its expansion plans into South Korea. The company\u2019s intended launch was delayed following concerns raised by South Korean regulators regarding potential money laundering risks associated with the platform. This development came shortly after Crypto.com had successfully acquired a local crypto exchange, OKBit, securing a virtual asset business license (VASP) in the process.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-scrutiny-over-anti-money-laundering-measures\">Scrutiny Over Anti-Money Laundering Measures<\/h3>\n\n\n\n<p>The South Korean Financial Services Commission (FSC) initiated an &#8220;emergency on-site inspection&#8221; after detecting Anti-Money Laundering (AML) issues in the data provided by Crypto.com. This inspection was launched just a week before the scheduled launch date, highlighting the rigorous oversight by local authorities. The Financial Intelligence Unit (FIU), an arm of the FSC, spearheaded this sudden audit, citing discrepancies that could hinder the prevention of money laundering.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-commitment-to-compliance-and-future-regulations\">Commitment to Compliance and Future Regulations<\/h3>\n\n\n\n<p>In response to these regulatory hurdles, Crypto.com has decided to delay its South Korea market entry. The firm is now focused on enhancing its dialogue with regulatory bodies to ensure a clear understanding of its AML policies and compliance measures. The spokesperson for Crypto.com emphasized the company\u2019s commitment to adapting responsibly to the Korean market, known for its stringent regulatory environment.<\/p>\n\n\n\n<p>Furthermore, South Korean financial authorities are tightening regulations around digital assets. New guidelines are being drafted that will require foreign digital assets to present a white paper or technical manual specifically for the South Korean market before they can be listed. These measures are part of a broader strategy to enhance transparency and security in the cryptocurrency sector, reflecting an increasing scrutiny of digital assets globally.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto.com, a prominent Singapore-based cryptocurrency exchange, recently faced a setback in its expansion plans into South Korea. The company\u2019s intended launch was delayed following concerns raised by South Korean regulators regarding potential money laundering risks associated with the platform. This development came shortly after Crypto.com had successfully acquired a local crypto exchange, OKBit, securing a [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":5879,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[30,40],"tags":[],"class_list":{"0":"post-7487","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-exchange","8":"category-regulation"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Crypto.com\u2019s Entry into South Korea Delayed by Regulatory Concerns<\/title>\n<meta name=\"description\" content=\"Crypto.com, a prominent Singapore-based cryptocurrency exchange, recently faced a setback in its expansion plans into South Korea. The company\u2019s intended\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cryptometer.io\/news\/crypto-coms-entry-into-south-korea-delayed-by-regulatory-concerns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto.com\u2019s Entry into South Korea Delayed by Regulatory Concerns\" \/>\n<meta property=\"og:description\" content=\"Crypto.com, a prominent Singapore-based cryptocurrency exchange, recently faced a setback in its expansion plans into South Korea. The company\u2019s intended\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cryptometer.io\/news\/crypto-coms-entry-into-south-korea-delayed-by-regulatory-concerns\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoMeter.io\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-23T19:47:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/crypto.com_.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Anish Khalifa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anish Khalifa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/crypto-coms-entry-into-south-korea-delayed-by-regulatory-concerns\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/crypto-coms-entry-into-south-korea-delayed-by-regulatory-concerns\/\"},\"author\":{\"name\":\"Anish Khalifa\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/79113eacd105c71e5fa6019d028ca61e\"},\"headline\":\"Crypto.com\u2019s Entry into South Korea Delayed by Regulatory Concerns\",\"datePublished\":\"2024-04-23T19:47:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/crypto-coms-entry-into-south-korea-delayed-by-regulatory-concerns\/\"},\"wordCount\":286,\"publisher\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/crypto-coms-entry-into-south-korea-delayed-by-regulatory-concerns\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/crypto.com_.webp\",\"articleSection\":[\"Exchange\",\"Regulation\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/crypto-coms-entry-into-south-korea-delayed-by-regulatory-concerns\/\",\"url\":\"https:\/\/www.cryptometer.io\/news\/crypto-coms-entry-into-south-korea-delayed-by-regulatory-concerns\/\",\"name\":\"Crypto.com\u2019s Entry into South Korea Delayed by Regulatory Concerns\",\"isPartOf\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/crypto-coms-entry-into-south-korea-delayed-by-regulatory-concerns\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/crypto-coms-entry-into-south-korea-delayed-by-regulatory-concerns\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/04\/crypto.com_.webp\",\"datePublished\":\"2024-04-23T19:47:31+00:00\",\"description\":\"Crypto.com, a prominent Singapore-based cryptocurrency exchange, recently faced a setback in its expansion plans into South Korea. 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