Alchemy Pay acquires Korea Electronic Financial Business registration

Cryptocurrency payment provider Alchemy Pay has acquired an Electronic Financial Business registration in South Korea after investing in a local e-finance platform, allowing the company to offer a wider range of financial services in the country. 

According to a Feb. 5 announcement, Alchemy Pay invested an undisclosed amount into EZPG Co. In doing so, Alchemy Pay acquired EZPG’s Electronic Financial Business registration, which is governed by the country’s Electronic Financial Transactions Act. 

Companies that have obtained this registration can offer a wide range of financial services in South Korea, including money transfers, online payment gateway services and digital asset services. 

With the registration, Alchemy Pay can now process crypto asset transactions and provide access to local payment methods, including KakaoPay, PAYCO and Naver Pay. 

Alchemy Pay, which is based in Singapore, has identified South Korea as a “pivotal hub in Asia for both traditional finance and digital currency adoption,” said Ailona Tsik, the company’s chief marketing officer. 

South Korea has taken additional steps to regulate cryptocurrency transactions in the country.

As Cointelegraph reported, the government plans to integrate foreign exchange rules into cross-border transactions involving US dollar-pegged stablecoins. The country is also carefully considering rules for corporate crypto investments. 

Related: Alchemy Pay expands US compliance with four new state licenses

South Korean crypto adoption

Beyond payments, cryptocurrencies have become popular investments for South Koreans. In November 2024, the country’s crypto-holder base was estimated at 15.6 million, or more than 30% of the population, according to Democratic Party of Korea Representative Lim Kwang-hyun.

The country is home to several crypto exchanges, the most popular being Upbit and Bithumb.

Institutional investors have also been driving the adoption of cryptocurrencies in the country. According to a recent report by Chainalysis, South Korea is Asia’s largest crypto market in terms of total value received.

“Mistrust in traditional financial systems has led investors to seek out cryptocurrencies as alternative assets” in Korea, a local exchange representative told Chainalysis. 

“The public’s perception of crypto as a viable investment option has been further solidified by adoption of blockchain by major corporations like Samsung and large enterprises in the region that are working to enhance operational transparency and efficiency,” they said.

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