Crypto.com partners with South Korea's largest payment gateway provider

Crypto.com has partnered with KG Inicis, South Korea's largest payment gateway and value-added network provider, according to a Tuesday press release.

The two companies plan to integrate Crypto.com Pay and enable digital asset payments across KG Inicis's merchant network in South Korea. The move targets foreign travelers visiting the country, allowing them to pay for local goods and services with crypto.

Merchants can receive immediate settlements in fiat or digital assets, while customers benefit from faster, lower-cost options and greater payment flexibility, Crypto.com said.

"A payment infrastructure that bridges digital assets with the real economy will become a core competitiveness of the future finance and commerce industries," a representative of KG Inicis said in the statement. "We plan to expand an infrastructure where digital assets can be utilised in actual economic activities, all while ensuring a solid legal and regulatory foundation."

According to the press release, KG Inicis handles over 400 million transactions annually and holds a 40% market share as the country's largest integrated payment platform.

The companies plan to explore launching additional products in compliance with local regulations.

Expanding crypto sector

More major financial players in South Korea have recently partnered with global companies to expand digital asset endeavors. Last month, Hanwha Asset Management, one of the country's largest asset managers, entered into a strategic partnership with the Jito Foundation to develop infrastructure for liquidity staking exchange-traded products.

More recently, Hana Financial Group signed a memorandum of understanding with Standard Chartered to develop joint initiatives in digital assets, possibly involving stablecoins.

These collaborations come against the backdrop of ongoing legislative efforts in South Korea to adequately regulate digital assets. A bill currently under development, titled the "Digital Asset Basic Act," would establish rules for crypto platforms, stablecoins, and crypto exchange-traded funds.