PayProtocol is a blockchain-powered digital payment solution developed by South Korea-based payment company Danal. It aims to eliminate the high transaction fees, long settlement times, and intermediary costs associated with traditional payment systems. Built on a private Hyperledger Fabric blockchain, it supports various digital assets (like BTC, ETH, USDT) and is accepted at over 150,000 stores and major retail chains in Korea. Paycoin (PCI) is the native token used within the PayProtocol ecosystem. The project seeks to promote the everyday use of crypto for real-world purchases. 

How Does the Project Work? 

PayProtocol enables direct payments by connecting users, merchants, and wallet providers. The system consists of the following layers: 

• Blockchain Layer: Built on Hyperledger Fabric. Blocks contain PCI transactions and user data.
  The PayProtocol blockchain is responsible for verifying and processing payment and transaction orders. Within this network, core features enable interoperability between the network and participants. Only authorized peers can generate blocks and process payment requests, ensuring security, stability, and scalability. 
• Protocol Layer: Includes API and SDK integrations. 
• Service Layer: Connects POS systems, mobile apps, and third-party wallets. 

Blocks are created at least once per second. If over 500 transactions occur, block generation speeds up. All data is processed by authorized validators on the network. 

Core Use Cases 

• Direct use in product/service payments 
• Low-cost wallet-to-wallet transfers (0.1% fee) 
• Consumer campaigns and reward systems 
• DeFi and NFT compatibility via Ethereum bridge 

Paycoin (PCI) Features 

• Fast and low-cost blockchain-based payment solution 
• Private and permissioned Hyperledger Fabric infrastructure 
• Supports multiple digital assets: BTC, ETH, USDT 
• Accepted in 150,000+ stores and major retail chains in South Korea 
• Ultra-low transfer fee of 0.1% between wallets 
• Easy integration with API and SDK support 
• Promotes everyday crypto usage 
• Strong partners include Huobi, Bithumb, and Coinone 

Team and Partners 

Paycoin is developed by South Korea-based PayProtocol. It has partnered with Huobi Korea Prime and 150,000+ merchants and retail chains in the past. 

• CEO: Jung Wook Shin 
• CTO: Su Jin Lim 
• Director: Kyung Pyo Hong 

Crypto exchange partners include: Bithumb, Coinone, Korbit, Bitget, Huobi Global 

Token Information 

• Token Name: Paycoin 
• Symbol: PCI 
• Network: Hyperledger Fabric (permissioned blockchain) 
• Total Supply: 1.9 billion PCI (post-burn) 
• Circulating Supply: 1.05 billion PCI 
• Initial Supply: 3.94 billion PCI 

Token Distribution 

• Huobi Prime – 1%: Released via Huobi Korea Prime 
• Reserve – 11%: For development, exchange integration, technical support (not sold on the market) 
• Ecosystem Incentives – 24%: For merchant PCI adoption, customer rewards, and discounts 
• Marketing – 14%: Global promotions, airdrops, South Korea market growth 
• Operations – 9%: Daily operations, system maintenance 
• Team – 5%: For developers, project managers, stakeholders 
• Advisors – 10%: Strategic and technical experts 
• Global Marketing – 26%: User acquisition and cross-border expansion (300M PCI locked and vesting over 5 years) 

PayProtocol Ecosystem Components 

• PayProtocol Network: Central system that validates all transactions 
• Wallet Providers: Mobile apps accepting PCI via API/SDK 
• Merchants: Vendors accepting PCI and rewarding users 
• Users: Individuals using PCI to buy goods and services 

PayProtocol Bridge 

Since Paycoin runs on Hyperledger, it’s not natively compatible with DeFi/NFT platforms. A wrapped Ethereum version (wPCI) allows 1:1 conversion without affecting the total circulating supply. 

Business Model 

• A 2% fee is applied on international PCI payments (98% goes to merchants) 
• PCI transfers carry a 0.1% network fee (paid by sender) 
• Validators don’t earn fees but are rewarded through business development opportunities 
• Businesses can integrate loyalty points with PCI 

Notable Achievements 

• Integrated at over 150,000 stores (South Korea) 
• 3.2 million active users 
• Up to $1 million daily transaction volume 
• Zero security breach incidents 

Roadmap 

• 2019: Launched, early user acquisition 
• 2022: Over 50% token supply burned 
• 2023: Service paused due to regulatory issues in South Korea 
• 2024–2026: DeFi, NFT integration, global marketing, regulatory compliance, cross-border expansion 
• Q3 2024: Global franchise & merchant acquisition 
• Q4 2024: Infrastructure integration & deployment 
• 2025: Development of Paycoin’s own sidechain 
• 2026: Unlocking of all cross-border tokens 

Social Media & Community 

• Website
• Twitter
• Telegram
• Medium

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This transaction took place under new regulations allowing institutional investors and non-profit organizations to sell crypto assets. According to Upbit’s parent company Dunamu, the ETH was held by the organization’s President, Myung-hwan. 

FSC Approves Non-Profit Crypto Sales

The Financial Services Commission (FSC) permitted non-profit organizations to sell crypto donations starting June 1. This enables organizations to quickly convert crypto assets received as donations into cash. Crypto exchanges will also convert the assets collected from transaction fees into fiat currency. The crypto assets allowed for sale in South Korea are limited to digital currencies ranked within the top 20 by market size on the country’s five leading won-based exchanges. Additionally, exchanges are required to prevent conflicts of interest with users and minimize their impact on the market.

The FSC approved the new rules on May 20. With this step, crypto sales became possible for non-profit organizations. The FSC plans to implement more comprehensive regulations in the second half of 2025. However, transactions must use real-name accounts and comply with anti-money laundering (AML) regulations. 

This regulation is part of South Korea’s gradual lifting of crypto bans. The FSC will introduce broader rules to allow publicly traded companies to participate more easily in crypto trading. Thus, South Korea is entering an important new era in the crypto market. Non-profit organizations can now sell crypto donations, enabling greater resource diversification. 

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Bitcoin ETFs Still Banned, Yet Demand Remains High

Currently, spot Bitcoin ETFs and institutional crypto investments are not legal in South Korea. This means that the entire trading volume comes from retail investors. Ki Young Ju, CEO of on-chain data platform CryptoQuant, stated that all three major candidates support Bitcoin ETFs and institutional investments.

All three major South Korean presidential candidates support #Bitcoin ETFs and institutional investment.

Currently, Bitcoin ETFs and institutional investments are banned in Korea. 100% volume comes from retail. pic.twitter.com/hL6cKci5VK

— Ki Young Ju (@ki_young_ju) May 14, 2025

New Promises from the Democratic Party

On May 6, Democratic Party leader Lee Jae-myung promised new regulations aimed at legalizing spot crypto ETFs, reducing transaction fees, and creating a safe investment environment for young people to plan their future. However, the party had made similar promises during its previous election campaign, but no concrete progress was achieved.

Promises Made, but Past Actions Raise Doubts

While the candidates’ crypto-friendly approaches raise expectations for expanding the legal framework of digital assets in the country, experts warn of past experiences. Blockchain advisor Anndy Lian noted that the candidates’ positions resemble recent developments in Hong Kong but emphasized that success depends on various factors:

“A pro-crypto president could initiate a reform process aligned with global trends, like in the US, where Bitcoin ETFs have seen billions in net inflows. But similar promises were made in the past, without real action.”

Lian also reminded that the People Power Party, which came to power in 2022, had pledged to lift the ETF ban and revise the controversial “one exchange – one bank” rule. However, these goals were not realized before President Yoon’s impeachment.

Hong Kong’s ETFs Disappointed Expectations

Meanwhile, Bitcoin and Ethereum-based ETFs, which began trading in Hong Kong on April 30, 2024, fell short of expectations with lower trading volumes compared to their US counterparts. This suggests that the success of similar products in South Korea would depend not only on regulation but also on investor interest and market conditions.

The steps to be taken in South Korea could have an impact not just regionally, but globally. However, true reforms require more than political promises.

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Key Banking Restriction Set to Be Removed

One of the most significant proposals is the abolishment of the “one exchange, one bank” rule, which currently forces crypto exchanges to partner with only a single bank. This rule has long been criticized for stifling competition and user freedom. During an emergency session at the National Assembly, PPP lawmaker Park Soo-min stated that “people should be able to manage digital asset transactions through the bank of their choice.”

Spot Crypto ETFs Could Be Approved This Year

Another major promise is the legalization of spot crypto ETFs by the end of 2025. Citing the U.S. SEC’s approval of spot Bitcoin ETFs earlier this year, the party emphasized the urgency of adapting to global developments.

PPP’s roadmap also includes expanding access to the crypto market for institutional players. If elected, the party plans to allow over 3,500 corporations, nonprofits, and investment firms to participate in crypto trading starting in Q2.

Regulatory Framework for Stablecoins

The party also aims to introduce a global-standard regulatory framework for stablecoins. Rep. Choi Bo-yoon emphasized that the new system would align with international norms, improving transparency and investor protection.

To oversee the sweeping changes, PPP intends to establish a Virtual Asset Special Committee under the direct supervision of the presidential office. Additionally, the party plans to enact a Framework Act on the Promotion of Digital Assets, which would bring new rules for exchange operations, token listings, and transactional disclosures.

Trump-Era Deregulation Inspires Korean Push

PPP’s crypto-forward agenda mirrors recent developments in the U.S., where former President Donald Trump has championed deregulation in the DeFi space, proposed a national Bitcoin reserve, and integrated crypto into mainstream financial strategy.

Presidential candidate Hong Joon-pyo drew parallels to Trump’s approach, vowing to “roll back regulations just like the Trump administration did” and expand blockchain adoption across South Korea’s public sector.

Opposition Offers Few Crypto Details

Whether these promises become reality depends on the outcome of the election. The leading opposition figure, Lee Jae-myung of the Democratic Party, has focused on restoring democratic norms and economic stability, but has remained vague on his stance regarding digital assets. Current polling shows Lee in the lead, casting uncertainty over PPP’s ambitious crypto reform agenda.

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South Korean Public Officials Crypto Asset Disclosure

According to the South Korean Ethics Commission, high-ranking public officials in the country hold an average of 35.1 million Korean Won ($24,000) in crypto assets. On March 27, 2025, the Ethics Commission revealed that 411 out of 2,047 surveyed officials hold 14.4 billion Korean Won ($9.8 million) in cryptocurrencies.

The highest disclosed amount was 1.76 billion Korean Won ($1.2 million) from Seoul City Councilor Kim Hye-young.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Among the crypto assets disclosed, officials held Bitcoin (BTC), Ether (ETH), XRP, Dogecoin (DOGE), Luna Classic (LUNC), and others.

Crypto Asset Disclosure Law in South Korea

The disclosure of public officials’ crypto holdings comes after calls for transparency from the country’s prime minister. In 2023, South Korean Prime Minister Han Deok-soo stated in a news conference that high-ranking officials must include crypto in their property disclosures. He argued that crypto should be treated the same as other assets like precious metals.

In 2023, South Korea passed a law mandating public officials to disclose their crypto holdings. Starting in 2024, South Koreans will have access to the crypto holdings of at least 5,800 public officials.

Crypto Disclosure Law Following Controversy

The new law was introduced following the controversy surrounding South Korean lawmaker Kim Nam-kuk, who was accused of liquidating and concealing around $4.5 million in crypto assets before lawmakers enforced the Financial Action Task Force’s (FATF) “Travel Rule.”

Kim later left the Democratic Party amid the controversial case to relieve party members of the burden of the lawsuit.

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