🌎 Paycoin Ends South Korea Services, Focuses on Global Expansion

PayProtocol AG, the issuer of Paycoin, has announced plans to terminate its virtual asset custody service for the Paycoin app in South Korea. This decision arises from challenges within the domestic regulatory environment, which have prevented PCI’s payment services from resuming since February 2023.

The company has decided not to renew its Virtual Asset Service Provider registration when it expires in April 2025. Instead, PayProtocol AG will focus on expanding its international payment ecosystem.

Regulatory Challenges in South Korea

In July, South Korean authorities considered delaying the 20% crypto gains tax until 2028. This consideration followed concerns from the local crypto community about the potential market impact and insufficient institutional preparation.

Paycoin’s International Ventures

Paycoin has made significant strides abroad, launching a global app that allows PCI payments at international retailers such as Apple, Shake Shack, and Swarovski. The company has also established a presence in Lithuania and secured VASP status to expand in crypto-friendly jurisdictions.

Shifting Focus to International Markets

Paycoin’s decision to discontinue its VASP registration in South Korea reflects a strategic shift towards international markets. Ongoing regulatory ambiguity in the country has hindered operations, prompting this change in focus. While domestic wallet services will cease, other features such as Wallet Connect and Paycoin Shopping will remain available, according to the Paycoin release.