Emart, South Korea’s largest retailer, plans to introduce crypto and security token offering (STO) trading functions to its next-generation ATMs.
According to The First, Emart’s convenience store brand Emart24 has installed new “digital ATMs” in Seoul’s Myeongdong and Samcheong districts. These ATMs are primarily aimed at overseas tourists and offer foreign currency exchange capabilities. Additionally, they can issue VAT tax refunds for duty-free shoppers and perform various overseas remittance transactions.
The head of the Emart24 service platform department, Lee Jong-wan, stated that the ATMs’ two-factor authentication (2FA) functions open the possibility of expanding their services to include cryptocurrency ATM and STO trading options. Emart24 aims to provide more diverse services for both domestic and international customers.
South Korean Tourist Hubs Could Support Crypto, STO, CBDC Trade
Emart is South Korea’s largest retailer, founded in 1993 by Shinsegae. Emart24 has already introduced POS machines compatible with popular Chinese e-pay platforms like Alipay, Alipay Plus, WeChat Pay, and Union Pay. They also accept payments from the Japanese card issuer Japan Credit Bureau (JCB).
The possibility of Myeongdong-based merchants exploring overseas central bank digital currency (CBDC) payments is high since their clientele consists mainly of Chinese and Japanese tourists. A report from 2020 suggested that these merchants could lead CBDC adoption by accepting digital yuan payments for Chinese customers.
South Korean firms have been awaiting legislation that would legalize security token offerings (STOs) in the country. Although all forms of coin issuance are currently illegal due to a previous crypto crackdown, the government has expressed interest in allowing regulated domestic firms to issue STOs. However, progress has been slowed by recent crypto controversies.
Hot Take: South Korea’s Emart24 to Introduce Crypto Trading Functions to ATMs
Emart, South Korea’s largest retailer, plans to expand the services of its next-generation ATMs to include cryptocurrency and security token offering (STO) trading options. The digital ATMs, primarily aimed at overseas tourists, already offer foreign currency exchange capabilities and VAT tax refunds for duty-free shoppers. The ATMs’ two-factor authentication (2FA) functions make it possible to introduce crypto-related services in the future.
Emart24 aims to provide a wider range of services for both domestic and international customers. Additionally, Emart24 has introduced POS machines compatible with popular Chinese e-pay platforms and accepts payments from the Japanese card issuer JCB. This move indicates a potential for Myeongdong-based merchants to explore central bank digital currency (CBDC) payments, catering to their predominantly Chinese and Japanese clientele.
However, the introduction of STOs in South Korea has been delayed due to regulatory concerns stemming from previous crypto controversies. While there is anticipation for legalized STOs in the country, current laws still prohibit all forms of coin issuance.
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