South Korea eases rules on cryptocurrency sales
South Korea records historic crypto sale as World Vision liquidates ETH donation
South Korea has recorded its first institutional cryptocurrency transaction since easing a longstanding ban on such activities.
International relief NGO World Vision sold 0.55 ETH, valued at approximately $1,396.5 or 1.98 million Korean won, marking a historic moment in the country’s evolving digital asset policy, reports Cryptopolitan.
This sale was enabled by recent regulatory updates from the Financial Services Commission (FSC), which now allows eligible non-profits to liquidate crypto donations. The transaction highlights growing institutional openness to blockchain-based finance and the integration of crypto into charitable funding mechanisms.
World Vision Utilizes Upbit to Convert Ethereum Donations
The crypto sale by World Vision was facilitated on Upbit’s KRW market using a corporate account from K-Bank, in line with South Korea’s new crypto donation roadmap. The Ethereum originated from the ‘Cheer Up!’ campaign, launched earlier this year to provide school essentials to underprivileged youth.
According to FSC rules, non-profits must have five years of audited financials and an internal Donation Review Committee to qualify for crypto liquidation. Dunamu, Upbit’s parent company, stated that it aims to build a sustainable donation pipeline through close collaboration with other organizations, such as Community Chest of Korea and Love Fruit, while adhering to government guidelines.
Crypto Becomes a Key Issue in South Korea’s Presidential Race
Crypto-friendly policy proposals have taken center stage ahead of South Korea’s presidential election. Liberal candidate Lee Jae-myung has proposed launching spot crypto ETFs and allowing the National Pension Service to invest in digital assets, potentially opening up institutional investment avenues. His conservative rival Kim Moon-soo supports similar reforms, promising to expand crypto access and improve regulatory clarity.
With 18 million crypto users and digital asset holdings valued at around $75 billion nationally, voters are paying close attention. Simon Seojoon Kim, CEO of Hashed Ventures, believes that the digital asset sector will thrive regardless of the election outcome, given bipartisan support for modernization and crypto integration.
Recently we wrote that South Korea may be poised to follow Hong Kong’s lead in legalizing spot Bitcoin exchange-traded funds (ETFs), as top presidential candidates signal support for institutional crypto adoption.
