The centralized cryptocurrency exchange Crypto.com plans to launch its cryptocurrency trading app for retail investors in South Korea on April 29. This move will provide South Korean users with access to a wide range of over 150 cryptocurrencies and non-fungible tokens (NFTs) through the Crypto.com app. According to Eric Anziani, the president and CEO of Crypto.com, this market segment is crucial for the company's expansion.

The upcoming app will replace the services of OK-BIT, which was acquired by Crypto.com in 2022 and will cease operations on April 29. It is important to note that only retail investors in South Korea will have access to the app, as institutional investors have been prohibited from investing in cryptocurrencies in the country since 2017.

South Korea has stringent regulations in place for crypto exchanges and their executives, aiming to maintain regulatory oversight in the industry. Despite these challenges, Crypto.com is pushing ahead with its global expansion plans. The company already has a significant presence in key regions like North America, Western Europe, the U.K., and Asia.

The crypto exchange's efforts to strengthen its foothold in South Korea began in 2022 when it obtained registration under the Electronic Financial Transaction Act (EFTA) and Virtual Asset Services provider (VASP) in the country. This move reflects Crypto.com's commitment to expanding its reach and services.

The regulatory environment in South Korea remains challenging, with the authorities implementing stricter measures for crypto exchanges. The Financial Intelligence Unit (FIU) has announced tighter regulations, including the possibility of expelling platforms that do not meet the required standards. Additionally, the Financial Services Commission (FSC) proposed an amendment that would require new crypto firm executives to obtain regulatory approval before assuming their roles, further intensifying scrutiny in the industry.