Alchemy Pay has acquired an Electronic Financial Business registration in South Korea, enabling it to offer crypto transactions and local payment services.
Alchemy Pay Expands with New E-Financial License
Cryptocurrency payment company Alchemy Pay has received a license to operate as an electronic financial business in South Korea.
This comes after they invested in a local e-finance platform called EZPG Co., allowing them to grow their financial services in the country.
On February 5, it was announced that Alchemy Pay made an investment—though the amount is not revealed—that lets them gain EZPG’s license under South Korea’s Electronic Financial Transactions Act.
This approval allows the company to manage money transfers, online payment services, and cryptocurrency operations.
With the new license, Alchemy Pay can now offer local payment options like KakaoPay, PAYCO, and Naver Pay, which will make it easier for people in South Korea to use cryptocurrency. Ailona Tsik, the company’s CMO, pointed out that South Korea is an important center for finance and digital currency in Asia.
The South Korean government is making its rules for cryptocurrency trades stricter. According to Cointelegraph, officials want to include foreign exchange rules in international stablecoin deals and improve regulations for companies investing in cryptocurrency.
Crypto Use is Rising Quickly in South Korea
In addition to being used for payments, cryptocurrencies have become a popular way to trade in South Korea. As of November 2024, about 15.6 million people in South Korea, which is more than 30% of the population, owned cryptocurrency, according to Representative Lim Kwang-hyun from the Democratic Party.
The country has major exchanges like Upbit and Bithumb, and big investors are helping to increase the use of cryptocurrency. A Chainalysis study found that South Korea has the biggest cryptocurrency market in Asia based on total transaction value.
A local exchange representative told Chainalysis that people are turning to cryptocurrencies because they don’t trust traditional banking systems. When big companies like Samsung start using cryptocurrency, it makes it more acceptable and trustworthy as an investment choice in the area.
