Danal Fintech Completes Establishment of Lithuanian Corporation... Paycoin Launches Full-Scale Entry into European Market

Pompeii service screen scheduled for Lithuania service. Provided by Danal.

Danal Fintech announced on the 24th that it has completed the establishment of a local subsidiary, 'DaFin Labs,' in Lithuania to expand into Europe.

Lithuania is known as a crypto-friendly country that has legalized remittances, exchanges, and prepaid cards using virtual assets, while also implementing policies favorable to the fintech industry. Accordingly, Danal Fintech explained that it established the local subsidiary to expand its virtual asset and blockchain business throughout Europe, centered on Lithuania.

The key personnel of DaFin Labs consist of local experts well-versed in European financial regulations and the virtual asset industry, with many years of experience at global financial institutions and blockchain companies. They plan to officially launch virtual asset services across Lithuania and Europe by completing the CASP (Crypto Asset Service Provider) license application under the EU MiCA regulation by February next year, aiming to obtain the license by June.

Once DaFin Labs secures the CASP license, it will be able to provide various virtual asset-related services, including ▲virtual asset wallets and payments ▲on-ramping services that allow purchasing virtual assets with credit cards and fiat currencies ▲virtual asset card payments ▲DEX (decentralized exchange) linked swap services ▲Crypto OTC supporting large-scale transactions.

A Danal Fintech official stated, “Following the establishment of our Japanese subsidiary Mobillet earlier this year, we are continuously expanding our overseas business bases by setting up the Lithuanian subsidiary.” He added, “As the only company in Korea with actual payment experience using virtual assets, Danal Fintech plans to leverage this to expand services utilizing virtual assets, such as Paycoin payments, beyond Asia and Europe to more regions.”