World Vision first nonprofit to trade crypto in South Korea after ban lifted

Humanitarian assistance enactment World Vision Korea is the archetypal nonprofit to merchantability crypto successful South Korea aft the state ushered successful caller rules astir organization crypto trading.

World Vision Korea sold 0.55 Ether (ETH), worthy astir 1.98 cardinal won ($1,436) connected Upbit, according to a June 1 connection from Dunamu, the genitor institution of the crypto exchange.

The Ether, which was held by Chairman Myung-hwan, was donated arsenic a effect of a run successful March that asked Upbit users to donate crypto to assistance underprivileged younker who can’t spend schoolhouse items specified arsenic uniforms and bags.

During a May 20 meeting, South Korea’s Financial Services Commission updated its rules to let nonprofit organizations and virtual plus exchanges to sell cryptocurrencies nether caller compliance standards.

The FSC updated its rules to let nonprofit organizations and virtual plus exchanges to merchantability crypto. Source: Cointelegraph

Upbit, the country’s largest speech by volume, saw volumes autumn by 34%, dropping from $561.9 cardinal successful the 4th fourth of 2024 to $371 cardinal successful the archetypal 4th of this year, amid a broader marketplace downturn, according to an April CoinGecko report. 

FSC to aboriginal let nationalist firms to commercialized crypto

Starting June 1, nonprofits successful the state tin present merchantability crypto they received done donations, portion exchanges tin liquidate idiosyncratic fees paid successful crypto, provided real-name accounts are utilized and different Know Your Customer and Anti-Money Laundering regulations are followed.

Nonprofits indispensable person astatine slightest 5 years of audited fiscal past to person and merchantability crypto donations, portion exchanges tin lone merchantability crypto to screen operational costs, capped astatine regular limits.

Later this year, the FSC volition let publically listed companies and entities registered arsenic nonrecreational investors to bargain and merchantability crypto.

It’s estimated that implicit 16 cardinal investors, astir a 3rd of South Korea’s population, clasp crypto accounts.

Related: South Korea sanctions Upbit with 3-month prohibition connected servicing caller clients

South Korean nationalist officials person besides reported holding and investing successful crypto. The country’s Ethics Commission for Government Officials disclosed connected March 27 that 20% of surveyed nationalist officials clasp 14.4 cardinal won ($9.8 million) successful crypto, representing 411 of the 2,047 officials subjected to the country’s disclosure requirements to hold crypto assets. 

Crypto trading exploded successful South Korea successful 2017, driven partially by anonymous accounts from businesses, foreigners and minors; however, fiscal authorities responded by requiring crypto exchanges to spouse with home banks and connection fiat services lone done verified real-name accounts. 

Magazine: Korea to assistance firm crypto ban, beware crypto mining HDs: Asia Express