PayProtocol AG, the issuer of Paycoin, has announced that it will discontinue its virtual asset custody service for the Paycoin app in South Korea due to challenges in the regulatory environment. The company has decided not to renew its Virtual Asset Service Provider registration in the country and will instead focus on its international payment ecosystem. Paycoin has been successful abroad, launching a global app and expanding its presence in crypto-friendly jurisdictions. While domestic wallet services will cease in South Korea, other features will remain available. Withdrawals and new wallet creation will have specified deadlines in 2024 and 2025 respectively.



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