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Crypto

Danal to pursue stablecoin payments with VASP INX

Danal will work with virtual asset service provider Infinity Exchange Korea (INX) to build digital asset-based payment and settlement infrastructure including stablecoins. The companies signed an MOU to link Danal’s payment gateway and prepaid electronic payment infrastructure with INX’s VASP infrastructure and digital asset API solutions. They plan to roll out stablecoin payments for merchants, payments and remittances for visitors and students, and T+0 real-time settlement, while applying AML-related controls.

Finance

Korea Payment Networks obtains prepaid licence, completes stablecoin payment PoC

Korea Payment Networks, a unit of Korea Credit Data, has completed registration to issue and manage prepaid electronic payment instruments, the company said on Aug. 18. It is discussing prepaid service integration with large franchises, retailers and public institutions. The company plans brand-specific prepaid and top-up point systems, as well as services linked to vouchers and local currencies. It has also completed a proof of concept enabling USDC payments through its payment gateway.

Crypto

South Korea to scrap 1 million won threshold for travel rule, tighten major shareholder screening at digital asset exchanges

South Korea will scrap the 1 million won threshold for applying the travel rule when transferring assets between digital asset exchanges and expand the information-sharing duty to all such transactions. Screening for reporting digital asset operators will broaden to include additional major shareholders, and requirements on financial soundness and social credit will be tightened. Rules will also strengthen controls on dealings with overseas exchanges and personal wallets, and clarify customer due diligence standards.