PayProtocol AG will cease virtual asset services for Paycoin in South Korea by April 2025 due to regulatory issues but will continue developing international payments with PCI at Apple, Shake Shack, and Swarovski 🌍

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PayProtocol AG, the issuer of Paycoin, announced it will end its virtual asset custody services in South Korea due to regulatory challenges. Since February 2023, the company has been unable to resume its payment services, leading to the decision not to renew its Virtual Asset Service Provider (VASP) registration, set to expire in April 2025. Instead, PayProtocol will focus on expanding its international payment ecosystem.

In July, South Korean authorities considered delaying a planned 20% crypto gains tax until 2028 due to concerns over market impact and regulatory readiness.

Paycoin is making strides internationally, launching a global app for PCI payments at retailers like Apple and Shake Shack. The company also established operations in Lithuania, securing VASP status in crypto-friendly jurisdictions.

While Paycoin's domestic wallet services will end, other features like Wallet Connect and Paycoin Shopping will continue. Withdrawals will be supported until April 2025, though new wallet creation and deposits stopped in September 2024.

This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.

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