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FollowingRedotPay closes business in South Korea, the crypto tax bell rings
Core Points
RedotPay has stopped issuing physical and virtual cryptocurrency cards to new users in South Korea. The company ended its alliance and celebrity recommendation program in South Korea on September 7, a move that came just days before reports emerged.
This is the second time that the platform has shrunk its business in South Korea. The first contraction occurred in May 2025 and only involved physical cards. The move comes on the eve of the implementation of South Korea's crypto tax system, and offshore stablecoin cards are regarded as a blind spot for tax enforcement.
For many South Korean crypto holders, RedotPay provides a simple way to circumvent the country's strict isolation between digital assets and the day-to-day banking system. Users only need to recharge USDT into the app, add a virtual card to Apple Pay or Samsung Pay, and spend at any Visa merchant. Today, this path is no longer open to newcomers. Anyone trying to apply in South Korea will be told that card applications in the area are temporarily unavailable.
Why this matters
The retreat itself is far less important than the point in time it occurs. South Korea plans to start taxing crypto earnings next year. Stable currency consumption also requires tax payment, because every swipe may quietly realize benefits. The problem facing the authorities is that transactions on offshore Hong Kong platforms are difficult to track in real time. RedotPay is the most popular product in this category: between January 2025 and July 2026, it was downloaded approximately 25,000 times in South Korea, more than any competitor's encryption card application.
RedotPay尚未公开解释其决定。然而，事件序列看起来像是精心策划的逐步退出，而非技术故障。当一家公司首先切断营销渠道，随后关闭注册通道时，通常意味着其预期监管摩擦的到来，并试图在摩擦加剧前限制自身风险敞口。
时间线
- 2025年1月：RedotPay在韩国的下载增长在统计期内开始。
- 2025年5月：韩国停止发行新实体卡。虚拟卡仍可用。
- 2025年下半年：实体卡发行在数月后恢复。
- 2026年7月：韩国下载量达到约25,000次。
- 2026年9月7日：终止与合作伙伴及网红的联盟计划。
- 2026年9月15日：媒体报道确认全面禁止新的实体卡和虚拟卡申请。
- 2027年：韩国加密税收预计生效。
专家观点
封锁虚拟卡是关键细节。虚拟卡发行成本低廉，曾是该产品增长引擎，因此削减它们指向的是合规性计算，而非节省成本。越来越多的离岸支付公司意识到，一旦税务机关开始寻找漏洞，在没有本地牌照的情况下服务市场将变得更具风险。
未来展望
现有用户应期待更严格的审查，以及未来对其当前卡片使用方式的潜在限制。需求不会消失，但可能会转向较小的离岸竞争对手、点对点渠道，或者理想情况下，转向在韩国监管范围内运营的国内韩元稳定币产品。监管机构也可能向Visa等卡组织施压，要求加强跨境加密消费的监控。
结论
RedotPay的退出标志着韩国加密市场的方向。松散监管的离岸消费工具时代正在结束，与税收挂钩的监督正在取而代之。对用户而言，便利性现在伴随着合规风险。对整个行业来说，信息很明确：在韩国的增长将越来越取决于与当地监管机构合作，而非规避监管。
