Alchemi Pay, the Singapore-based payment gateway, disclosed on Wednesday that it has acquired a leading  South Korean electronic financial platform – EZPG Co., Ltd. 

In the process of its investment in EZPG Co., Ltd of an unspecified amount, it has acquired the Electronic Financial Business Registration, allowing it to now offer crypto-to-fiat exchange services in the South Korean Market. Alchemy Pay has also revealed its plans to forge new local partnerships with various mobile payment and digital wallet services such as Kakao Pay, Naver Pay & PAYCO – intending for the seamless development of crypto payments in the Korean Market.

Alchemy Pay authorised to work under Korean regulators 

Alchemy Pay offers on & off-ramp services, NFT Checkout and the seamless crypto-to-fiat transactions in over 173 countries. Having its comprehensive coverage in Europe, Northern & Latin America, it has identified Southeast Asia as its key focus in the realm of emerging markets. Recently on 27 Jan, it achieved Australian Transaction Reports and Analysis Centre (AUSTRAC) registration for the Digital Currency Exchange Provider in the Australia market. In the past, it has also secured Money Transmitter Licensed in across eight US States, alongwith the Authorised Payment Institution License. 

And now, calling it as its “Big Move in Korea”, the obtained Korea Electronic Financial Business Registration will allow it to provide its crypto payment solutions to the individual Koreans and merchants. The registration is required under Article 28 of  the South Korea’s Electronic Financial Transactions Act (EFTA), 2017 and has to be sought by every business dealing in digital payments, electronic wallets, and crypto-related financial services before they can operate in the Korean market. It involves secure storage of user’s financial data and strict security measures to prevent any fraud, hacking, and unauthorised transactions. The governing bodies of EFTA are Financial Services Commission (FSC) and the Financial Supervisory Service (FSS). 

Big move in Korea! #AlchemyPay just secured an Electronic Financial Business registration after investing in EZPG Co., Ltd. This opens the door for partnerships with local powerhouses like KakaoPay, Naver Pay, & PAYCO, paving the way for seamless crypto-to-fiat exchanges in… pic.twitter.com/HEZ6ZZbURC

— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) February 5, 2025

Tapping into the rapidly growing Korean crypto market 

The obtained compliance with the regulatory institutions of the Korean market will allow Alchemy Pay to tap the potential of the most active and growing cryptocurrency market in the world. Over 30% of the population is in some way or the other involved in digital assets with the country’s crypto trading volumes surpassing the traditional equity markets. After the passage of Virtual Asset User Protection Act in December last year, the work on the safety of users’ crypto assets has also strengthened. A South Korean outlet Yonhap News data also revealed that over 30% of Koreans hold crypto, with the total worth standing at 102.6 million Korean won ($70.3 billion).

Therefore, the coming of Alchemy Pay will only bolster the crypto payment integration into the daily lives of Koreans. Furthermore, as the latest comment comes in from the top Korean Financial leader and KOFIA Chairman Seo Yoo-seok urging for the approval of crypto ETFs on the lines of US SEC, things do augur well for the development of the crypto market in Korea. Moreover, Though there are certain challenges such as a 20% tax on Crypto earnings of over KRW 2.5M ($1900), Alchemy Pay has indeed struck a “Big Move in Korea” by investing in EZPG CO., Ltd. and ultimately, obtaining the registration.

The post Alchemy Pay makes a ‘Big Move in Korea’, Secures Korean Electronic Financial Business Registration appeared first on CoinGape.

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Filed under: News - @ February 6, 2025 9:15 am