Singapore-based cryptocurrency payment provider Alchemy Pay has successfully acquired an Electronic Financial Business registration in South Korea.
On 5 February 2025, Alchemy Pay revealed that its strategic expansion in Korea aligns with its mission to expand its crypto services worldwide.
Commenting on the development, Ailona Tsik, CMO of Alchemy Pay said, “As a pivotal hub in Asia for both traditional finance and digital currency adoption, Korea represents a tremendous opportunity for Alchemy Pay’s long-term growth.”
Alchemy Pay aims to secure 20 regulatory licenses globally.
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… pic.twitter.com/HEZ6ZZbURC
— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) February 5, 2025
Expansion Through Strategic Investment In South Korea’s EZPG Co
Alchemy Pay secured this registration by investing in EZPG Co Ltd, a prominent South Korean electronic finance platform.
The investment enabled Alchemy Pay to acquire EZPG’s regulatory certification under the act which is governed by South Korea’s Financial Supervisory Service (FSS), the nation’s top financial regulatory body.
“We are excited to work alongside local partners to provide enhanced, localized payment solutions that cater to the needs of Korean consumers and businesses,” said Tsik. “This move further solidifies Alchemy Pay’s commitment to expanding our global presence while adhering to local regulatory standards.”
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Alchemy Pay Expanded Services To Australia
On 27 January 2025, the company announced its approval from he Australian Transaction Reports and Analysis Centre (AUSTRAC), the agency responsible for overseeing anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
Tsik said, “We’re excited to bring our services directly to Australian users, committing to regulatory engagement for legal compliance, stakeholder trust-building, and effective risk management in Australia.”
More recently, the company successfully registered as a Money Services Business with FINTRAC in Canada and expanded its North American footprint by securing eight Money Transmitter Licenses (MTLs) across the US.
Explore: Alchemy Pay Secures AUSTRAC Approval. Best Crypto To Buy!
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