World Vision Korea, a non-profit organization, has become the first institution to sell crypto after the country announced a phased ban lift on institutional clients trading crypto.
Under the new South Korean Financial Services Commission (FSC) guidelines, non-profits are allowed to sell crypto that they receive through donations and sponsorships.
On Sunday, the NGO made the sale of 0.55 Ethereum (ETH), equivalent to approximately 1.98 million won ($1,431). The initial sale by World Vision took place on Korea’s largest cryptocurrency exchange, Upbit.
The NGO linked its Kbank account to Upbit to sell the Ethereum that it received through donations, the exchange noted.
To prevent money laundering, the FSC has strengthened the verification of transaction purposes and sources of funds for non-profits. Additionally, it only allows donations through domestic won exchange accounts.
Upbit Operator to Establish Crypto Donation Culture
Dunamu, the parent company of crypto exchange Upbit, is looking to aid non-governmental organizations in the country to help sell their crypto donations.
The company aims to establish a platform that aligns with the guidelines established by financial authorities and the industry.
“Dunamu is currently discussing ways to revitalize the virtual asset sharing culture with the Community Chest of Korea, Love Fruit, etc,” the release read.
In March, Dunamu and Upbit carried out a crypto sponsorship campaign exclusively for users to aid underprivileged youth who have difficulty purchasing school uniforms and books. The recent World Vision’s sale of crypto is the result of that “cheer up campaign,” Upbit noted.
S. Korea to Allow Public Firms to Trade Crypto Later This Year
Further, the FSC unveiled a controlled rollout plan for publicly listed firms and entities to trade crypto in H2, 2025. Under the plan, about 3,500 listed companies and professional investment corporations registered under Korea’s Capital Markets Act will be permitted to trade virtual assets.
The Korean government’s most permissive stand towards digital assets comes at a time when other jurisdictions like the US are moving to embrace crypto into national reserves.
Additionally, South Korean investors are increasingly looking for the upcoming presidential election on Tuesday. All three leading candidates have pledged to grow the local crypto sector, including spot crypto ETF approvals.
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