Breaking News:
As South Korea gradually eases restrictions on institutional cryptocurrency trading, international humanitarian NGO World Vision has successfully sold its cryptocurrency holdings. This marks the first institutional crypto transaction since South Korea implemented its trading ban.
According to Dunamu data, World Vision's parent organization sold 0.55 ETH (~$1,396.50 or 1.98 million KRW) last Sunday.
World Vision’s ETH Donation Sale on Upbit Platform
Background
In February 2024, South Korea’s Financial Services Commission (FSC) released a roadmap allowing qualified non-profits and licensed exchanges to trade cryptocurrencies locally starting June 1, 2024. Key conditions:
- Non-profits must have 5+ years of audited financial records.
- Internal donation review committees must evaluate each crypto donation’s liquidation strategy.
Transaction Details
World Vision connected its K-Bank corporate account to Upbit and sold ETH donations received during its March 2024 "Cheer Up!" campaign. This initiative, co-led by Dunamu and World Vision, supported underprivileged youth in purchasing school supplies.
Future Plans
Dunamu aims to streamline crypto-to-fiat conversions for non-profits while collaborating with organizations like Korea Community Chest and Love Fruit to revive virtual asset philanthropy.
Meanwhile, the FSC plans to introduce real-name bank accounts for listed companies by late 2025.
Crypto Policies in South Korea’s Political Landscape
Presidential Candidates’ Stances
With South Korea’s presidential election approaching, both leading candidates advocate crypto-friendly policies:
- Lee Jae-myung (Liberal Party): Proposes spot crypto ETFs and pension fund crypto investments.
- Kim Moon-soo (Conservative Party): Supports spot ETFs and expanded crypto adoption.
Simon Seojoon Kim (CEO, Hashed Ventures) notes that either candidate’s victory would benefit Korea’s 18 million crypto investors, who collectively hold ~$75B in digital assets.
👉 Explore crypto policies shaping South Korea’s future
FAQ
Q1: Which organizations can sell crypto donations in South Korea?
A: Non-profits with 5+ years of audited records and approved internal review committees.
Q2: What was World Vision’s crypto sale purpose?
A: Proceeds funded school supplies for disadvantaged students via the "Cheer Up!" campaign.
Q3: How might the 2024 election impact crypto regulations?
A: Both major candidates support lighter restrictions and institutional crypto adoption.
👉 Learn how South Korea’s crypto market compares globally