From July, Mandatory Registration for Local Currency Merchants... Payment Restrictions for Unregistered Stores

Department Stores, Large Supermarkets, Entertainment and Gambling Businesses, and Large-Scale Revenue Stores Excluded
Gyeonggi Province Urges 'Gyeonggi Local Currency Merchant Registration Application' by June 30

[Gyeonggi-do]

[Asia Economy Reporter La Youngcheol] Starting from July, with the nationwide mandatory registration of local currency affiliated stores, Gyeonggi Province has encouraged businesses that accept Gyeonggi local currency within the province to 'register and apply as affiliated stores.'

According to the province on the 10th, the target for affiliated store registration includes businesses within the province that can accept Gyeonggi local currency. Department stores, large marts, entertainment and gambling establishments, and large-scale sales businesses are excluded.

The grace period lasts until June 30, and from the following day, July 1, payment with Gyeonggi local currency at unregistered affiliated stores will be restricted.

Business operators must apply online through the Gyeonggi local currency mobile app or the affiliated store registration website, or visit the relevant department in each city or county by 6 p.m. on the 30th.

In particular, the registration completion period has been shortened by about one-third compared to the statutory processing period (7 days), allowing business owners to complete affiliated store registration within 2 days after the application and receipt date.

This is in accordance with the amendment and enforcement of the "Act on the Promotion of Use of Local Love Gift Certificates" (Local Love Gift Certificate Act) on April 20 of this year.

Until now, the province has allowed local currency payments without a separate registration process for business operators who meet requirements such as possessing card terminals, by setting guidance and grace periods to expand Gyeonggi local currency affiliated stores.

Kim Sangsoo, Director of the Regional Finance Division, said, "Applying for Gyeonggi local currency affiliated store registration is an essential procedure for fair local currency distribution and efficient affiliated store management," and added, "Please cooperate to complete the affiliated store registration application within the deadline to avoid inconveniences such as restrictions on local currency payments."

This content was produced with the assistance of AI translation services.