Stablecoin Payment 'RedotPay' Halts Issuance of Physical Cards in Korea
Summary
- RedotPay announced that it has stopped issuing new physical cards for Korean customers.
- However, it stated that virtual card issuance is still possible, raising concerns about discrimination against domestic businesses.
- It reported that there are various regulations for virtual asset payments domestically, but overseas platforms are not subject to these.
It has been revealed that the use of Hong Kong virtual asset payment company RedotPay is prohibited for domestic users. Previously, RedotPay officially launched the 'RedotPay Card', a payment card based on stablecoins such as Tether (USDT) and USDC.
According to the industry on the 25th (local time), RedotPay has stopped issuing new physical cards for Korean customers. Although the card was based on the 'Visa Network' and could be used domestically, Korea has now been added to the list of countries where physical card delivery is not possible.
However, virtual card issuance is still possible, raising concerns about discrimination against domestic businesses. This is because various procedures, including reporting to the Financial Intelligence Unit (FIU), must be followed to implement virtual asset payment services domestically. However, payment platforms operating overseas are not subject to these regulations.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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