Humanitarian organization World Vision Korea is the first nonprofit organization to sell crypto after the country has directed its new rules on institutional crypto transactions.
According to a June 1 statement from Dunamu, parent company of Crypto Exchange, World Vision Korea sold 0.55 Ether (ETH) and sold at Upbit for around 1.98 million wins ($1,436).
Ether, held by Chair Myung-Hwan, was donated as a result of the March campaign, asking Upbit users to support underprivileged young people who can’t afford school items such as uniforms and bags.
At a May 20 meeting, the South Korean Financial Services Commission updated its rules to enable nonprofit organizations and virtual asset exchanges to sell cryptocurrencies under new compliance standards.
According to a Coingecko report in April, Upbit, the country’s biggest exchange, was the largest exchange by volume, dropping 34% in volume, down from $561.9 billion in the fourth quarter of 2024 to $371 billion in the first quarter of this year.
FSC will later allow public companies to trade cryptocurrencies
Starting June 1st, domestic nonprofits can now sell cryptocurrencies received through donations, but exchanges can settle user fees paid in cryptocurrency if their real-world accounts are used and anti-money laundering regulations are being followed with other customers.
Nonprofits must have at least five years of audited financial history to receive and sell crypto donations, but exchanges can only sell crypto to cover operating costs that close out their daily limits.
Later this year, the FSC will allow publicly listed companies and companies registered as professional investors to buy and sell crypto.
It is estimated that over 16 million investors, about a third of South Korea’s population, hold crypto accounts.
Related: South Korea’s Sanctions Upbit ban on three months to provide services to new clients
Korean civil servants also report that they are investing in codes. The Ethics Committee for Government Officials in the country revealed on March 27 that 20% of the civil servants surveyed had 14.4 billion wins ($9.8 million) in crypto, representing 411 of the 2,047 staff members who received the state’s disclosure requirements to hold crypto assets.
Cryptocurrency transactions exploded in Korea in 2017, driven in part by anonymous accounts from businesses, foreigners and minors. However, the financial authorities responded by requiring the crypto exchange to partner with domestic banks and provide FIAT services through a confirmed real name account.
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