TL;DR:
- Crypto.com partnered with KG Inicis, South Korea’s largest payment platform, to offer cryptocurrency payments to foreign tourists.
- KG Inicis processes over 400 million transactions annually and operates a network of around 190,000 affiliated merchants, holding 40% of the local market.
- The integration allows payment with digital assets at physical stores and online platforms, with immediate settlement in fiat or cryptocurrencies for merchants.
Crypto.com announced a partnership with KG Inicis, the largest payment gateway and value-added network services provider in South Korea, to offer digital asset payments for foreign tourists visiting the country. The integration will be carried out through Crypto.com ‘Pay’ across KG Inicis’s merchant network, which processes over 400 million transactions per year and operates with around 190,000 affiliated merchants.
The partnership will allow international travelers to pay for goods and services with digital assets at both physical stores and Korean e-commerce platforms. Merchants will have the option to receive funds immediately in fiat or digital assets, according to their preference.
Crypto.com Will Immediately Access Half of the South Korean Market
Eric Anziani, President and Chief Operating Officer of Crypto.com, highlighted that KG Inicis holds an “unmatched” acceptance network with 40% of the market share, and noted that the company’s central goal is to give its users greater flexibility in the use of their digital assets. A representative of KG Inicis stated that a payment infrastructure connecting digital assets with the real economy “will become a pillar of competitiveness for the future of finance and commerce.”
Foreigners cannot easily pass domestic identity checks in South Korea, which led the Financial Services Commission to approve special sandbox services for foreign visitors in early 2025. Among them, the anonymous prepaid payment limit for tourists was raised from 500,000 to one million won.
Cryptocurrencies Are Taking Over All of Asia
Both companies also announced that they will explore new areas of collaboration, including co-marketing and product development initiatives, though these are subject to respective regulatory approval.
The crypto industry is rapidly penetrating Asia. In May 2025, Bhutan launched a tourist cryptocurrency payment system in partnership with Binance Pay and DK Bank. Thailand, for its part, announced in August the “TouristDigiPay” program, which will allow tourists to convert digital assets into Thai baht for local spending. However, the everyday use of cryptocurrencies in retail payments remains marginal globally, even in markets like El Salvador.
