Alchemy Pay’s “Big Move in Korea” – Is It All Just a Big Hoax? 😜

by

Ah, Alchemy Pay, the Singaporean payment gateway, they’ve done it again! They’ve managed to snag themselves a leading South Korean electronic financial platform – EZPG Co., Ltd. They call it a “big move”, but we’re not so sure. After all, what does one really expect in a country where the crypto market is as hot as a fiery kimchi stew? 🌶️🔥

It seems they’ve gone and acquired the Electronic Financial Business Registration, allowing them to offer crypto-to-fiat exchange services in the land of K-pop and Kimchi. They even have plans to cozy up with the likes of Kakao Pay, Naver Pay, and PAYCO – a bold strategy indeed. Perhaps they’re hoping to become the crypto equivalent of a Korean drama, captivating the hearts of the nation. 🎭

Alchemy Pay: A New Master of the Korean Crypto Scene? 🧐

Alchemy Pay, with their on & off-ramp services, NFT Checkout, and their seamless crypto-to-fiat transactions, have their fingers in many a pie. They’ve already conquered Europe, Northern & Latin America, and now they’re setting their sights on Southeast Asia. Just recently, they even managed to snag a registration with the Australian Transaction Reports and Analysis Centre (AUSTRAC) for the Digital Currency Exchange Provider, a feat they’re no doubt boasting about. And don’t forget, they’ve also secured Money Transmitter Licenses in eight US States, along with an Authorised Payment Institution License – they’re quite the achievement-hungry bunch.

So, this “Big Move in Korea”, as they call it, is just another feather in their cap. This Korea Electronic Financial Business Registration will let them peddle their crypto payment solutions to both Korean merchants and individuals. It’s a must-have according to Article 28 of the South Korea’s Electronic Financial Transactions Act (EFTA), 2017. They’re expected to handle users’ financial data with care, implementing strict security measures to deter fraud, hacking, and unauthorized transactions. The Korean financial overlords – the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) – are keeping a close watch on these shenanigans.

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…

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

A Korean Crypto Market That’s Hotter Than a Kimchi Stew? 🔥

This regulatory compliance will let Alchemy Pay dip their toes into the vast Korean crypto market, one of the most active and growing in the world. More than 30% of the population is involved in digital assets, and their crypto trading volume surpasses the traditional equity markets. After the passage of the Virtual Asset User Protection Act last December, there’s been a focus on the safety of users’ crypto assets. Yonhap News revealed that over 30% of Koreans hold crypto, totalling 102.6 million Korean won ($70.3 billion).

The arrival of Alchemy Pay will only further the integration of crypto payments into the daily lives of Koreans. And if we’re to believe KOFIA Chairman Seo Yoo-seok, crypto ETFs are on the horizon, a move that could boost the development of the Korean crypto market. However, there are challenges ahead, like the 20% tax on crypto earnings over KRW 2.5M ($1900). Despite these hurdles, Alchemy Pay has indeed made a “Big Move in Korea” by investing in EZPG CO., Ltd., and ultimately securing the registration.

Read More

2025-02-06 12:27