Crypto.com Partners with South Korea’s KG Inicis to Scale Crypto Payments for Foreign Tourists

• KG Inicis, South Korea’s payment gateway, has partnered with Crypto.com. 
• The integration will allow foreign travellers to use crypto when purchasing local goods in South Korea.

Crypto.com announced a collaboration with KG Inicis, South Korea’s leading payment gateway, to scale the digital asset payments ecosystem by allowing crypto payments for foreign tourists and improving the ease of digital transactions across the country. 

Expanding Crypto Payment Access

According to today’s announcement, KG Inicis will support and promote the use of Crypto.com Pay across its merchant network, which handles over 400 million transactions per year and holds a 40% market share as the country’s largest integrated payment platform. Also, Crypto.com Pay allows merchants to receive payment quickly in fiat or crypto, which gives customers more flexibility in how they pay for products. 

With that, this collaboration would allow foreign visitors to South Korea to pay for a variety of goods and services using digital assets, as well as international customers to transact easily on Korean business platforms using crypto.

Also, the announcement noted, “A payment infrastructure that bridges digital assets with the real economy will become a core competitiveness of the future finance and commerce industries. 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,” said a representative of KG Inicis. 

Further, Crypto.com and KG Inicis plan to work together, which includes joint promotions, marketing campaigns, and developing new products and services in compliance with local rules.

South Korea Strengthens Crypto Framework

Meanwhile, South Korea is also taking steps to boost crypto adoption by scrapping a nine-year ban and has set up new protocols permitting listed bodies and professional companies to resume trading under strict regulations. Also, to regulate digital assets,  the Digital Asset Basic Act, currently under development, would establish rules for crypto platforms, stablecoins, and other crypto-related funds.

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