Crypto businesses in Korea turn to foreigners as strategic detour

HONG KONG — Companies in Korea are turning to foreign nationals to launch new crypto ventures as legislation for the Digital Asset Basic Act remains delayed, seeking to secure early partnerships and infrastructure amid a legal vacuum, analysts said. Hana Financial Group is among those moving in this direction. In partnership with Circle and Crypto.com, the group said on March 5 that it is piloting stablecoin-based payments for foreign visitors in Korea. The initiative, led by its card unit Hana Card, allows overseas users to make purchases at local merchants using cards linked to stablecoins. Transactions are settled in USDC, Circle’s dollar-pegged token, with foreign holders of Crypto.com's Visa cards receiving 5 percent cashback at participating stores. “Through this initiative, we seek to confirm the growth potential of stablecoins as a payment tool while expanding cooperation with global digital asset operators,” Hana said in a statement. Payment firm Danal also plans to launch a similar service this month in partnership with Circle and Binance Pay, enabling Binance users vis

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