Cryptocurrency payment provider Alchemy Pay has acquired an Electronic Financial Business registration in South Korea, enabling it to offer a wider range of financial services in the country.
Alchemy Pay's Expansion in South Korea
According to a February 5 announcement, Alchemy Pay invested an undisclosed amount into EZPG Co., acquiring an Electronic Financial Business registration. This allows Alchemy Pay to offer a wide range of financial services including money transfers and digital asset services.
Cryptocurrency Regulation in South Korea
South Korea is taking additional steps to regulate cryptocurrency transactions. The government plans to integrate foreign exchange rules into cross-border transactions involving USD-pegged stablecoins.
Popularity of Cryptocurrencies in the Country
In November 2024, South Korea's crypto-holder base was estimated at 15.6 million people. Cryptocurrencies have become a popular investment among the population, supported by institutional involvement.
Alchemy Pay's investment and registration in South Korea highlight the country's significant role in the adoption of both traditional and digital currencies.
