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      MoonPay Establishes South Korean Subsidiary to Enhance Asia-Pacific Presence

      MoonPay has launched a subsidiary in South Korea, named MoonPay Korea, on September 29, 2026, at an event held at the Conrad Hotel in Seoul. This initiative represents the company's significant expansion into the Asia-Pacific region, where it aims to collaborate with major South Korean banks to develop stablecoin infrastructure and facilitate cross-border payments. MoonPay has already processed over $45 billion in transactions and serves 32 million verified users worldwide, viewing South Korea's dynamic digital finance environment as a key growth opportunity.

      The company has identified three primary banking partners for collaboration: Woori Bank, KB Financial Group, and KakaoBank. Prior to the official launch, MoonPay signed a memorandum of understanding with Woori Bank in April 2026 to work on KRW stablecoin infrastructure. The strategy focuses on assisting these banks in creating and distributing their own stablecoin products, rather than directly issuing KRW-denominated stablecoins, with an emphasis on enhancing cross-border remittances.

      To lead its South Korean operations, MoonPay appointed Choi Han-kyeol as Vice President of Strategy, who previously worked at Streami, a local blockchain firm. Additionally, MoonPay plans to apply for Virtual Asset Service Provider (VASP) registration in South Korea in 2027, following the completion of necessary compliance preparations, including Information Security Management System (ISMS) compliance. This proactive approach contrasts with other crypto companies that have faced regulatory challenges in the past, particularly in 2021 when several exchanges were shut down for non-compliance. If successful, MoonPay's efforts could significantly impact the Korean crypto market by enabling banks to launch KRW-denominated stablecoins, potentially creating a new payment ecosystem that integrates traditional finance with cryptocurrency.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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