Alchemy Pay Obtains Electronic Financial Business Registration in Korea, Expanding Cryptocurrency Payment Market
Singapore-based cryptocurrency payment service provider Alchemy Pay has officially obtained Electronic Financial Business registration in South Korea, marking the beginning of its expansion into financial services.
With this registration, Alchemy Pay is now able to integrate with major payment tools in South Korea, such as Kakao Pay, Payco, and Naver Pay, enabling the provision of cryptocurrency payment and remittance services.
What Does Alchemy Pay's Entry into the Korean Market Mean?
- South Korea is One of the Largest Cryptocurrency Markets in Asia
As of November 2024, there are approximately 15.6 million cryptocurrency holders in South Korea, meaning that over 30% of the population is either investing in or holding cryptocurrencies. The total cryptocurrency trading volume in South Korea from July 2023 to June 2024 was $130 billion (approximately 173 trillion won), making it the largest among Asian countries. (Source: Chainalysis) - Alchemy Pay Expanding the Cryptocurrency Payment Market in Korea
- Provides existing online payment gateways and remittance services.
- Capable of integrating with Kakao Pay, Naver Pay, and Payco.
- Expected to expand fast and convenient payment services using cryptocurrencies.
- Regulatory Changes from the South Korean Government
The South Korean government has been moving towards strengthening regulations related to cryptocurrencies and is preparing new legislation, such as applying foreign exchange regulations to USD-pegged stablecoins and reviewing regulations on corporate cryptocurrency investments. However, as large companies adopt blockchain technology, trust in cryptocurrencies is increasing, indicating a strong potential for positive market development in the long run.
Conclusion: Anticipation for Activation of Cryptocurrency Payments in Korea
Alchemy Pay's entry into South Korea is expected to serve as a significant catalyst for the activation of cryptocurrency payments in everyday life.
- ✅ Online payments through cryptocurrencies will be possible.
- ✅ Improved accessibility through integration with major domestic payment systems.
- ✅ South Korea is emerging as the largest cryptocurrency market in Asia.
It will be interesting to observe how Alchemy Pay develops cryptocurrency-based financial services in South Korea going forward. 🚀
This article does not constitute investment advice or financial recommendations. Cryptocurrency investments carry high risks, and the responsibility for any investment decisions lies solely with the investor.
