PANews reported on April 7 that South Korean crypto companies are turning their attention to foreign users due to the delay in enacting the Basic Law on Digital Assets. They are exploring new business models during the legal vacuum by collaborating with international partners in the early stages and building infrastructure.
Hana Financial Group, in partnership with Circle and Crypto.com, announced on March 5th a pilot program for a stablecoin-based payment service to provide convenient payment options for foreign tourists visiting South Korea. Led by Hana Card, the service allows overseas users to make purchases at South Korean merchants using cards linked to the stablecoin (USDC), and offers a 5% cashback bonus to foreign holders of Crypto.com Visa cards.
Another payment company, Danal, plans to launch a similar service this month in partnership with Circle and Binance Pay, allowing Binance users visiting South Korea to make direct payments using their existing crypto assets without currency exchange. Transactions will be settled in USDC and then converted to Korean Won before being paid to merchants.
In addition, Crypto.com launched Crypto.com Pay on March 17 in partnership with South Korean payment gateway provider KG Inicis; BC Card is testing USDC-based payment technology with Coinbase; and KB Kookmin Card has applied for a patent for a hybrid payment system that combines stablecoins and traditional card payments.
