MoonPay Establishes South Korean Subsidiary for Asia-Pacific Expansion
MoonPay has established a South Korean subsidiary in Seoul to expand its presence in the Asia-Pacific region. The company aims to connect its global crypto-payment and stablecoin infrastructure with Korean financial institutions, facilitating overseas remittances, payments, settlement, and the distribution of digital assets.
The new unit, MoonPay Korea, will focus on supporting expansion across the Asia-Pacific market, working closely with Korean financial institutions and companies. This move is part of MoonPay's regional business development strategy.
The company has already signed a memorandum of understanding with Woori Bank to explore the global distribution, cross-border settlement, wallet access, and currency conversion for potential won-backed stablecoins. However, it does not announce a live won-backed stablecoin or a plan for MoonPay to issue one.
Bugeon Lee, a founding executive at MoonPay, will lead Asia-Pacific operations from Seoul and work with Korean regulators, banks, and enterprise partners. According to Lee, 'Korea's regulatory clarity, scale, and technological sophistication create a powerful foundation for stablecoin adoption.'