Organization of World Vision Korea humanitarian aid is the first non -profit organization to sell the crypto in South Korea after the country inaugurated new rules concerning the institutional trade of cryptography.
World Vision Korea sold 0.55 Ether (ETH), worth around 1.98 million Wons ($ 1,436) on Upbit, according to a June 1 press release from Dunamu, the mother company of the Crypto Exchange.
The ether, which was owned by President Myung-Hwan, was given as a result of a campaign in March which asked Upbit users to donate crypto to help disadvantaged young people who cannot afford school articles such as uniforms and bags.
During a meeting of May 20, the South Korea Financial Services Commission updated its rules to allow non-profit organizations and virtual asset exchanges to sell cryptocurrencies under new standards of compliance.
Upbit, the largest exchange in the country in volume, experienced volumes drops by 34%, going from $ 561.9 billion to the fourth quarter from 2024 to 371 billion dollars in the first quarter of this year, in the midst of a larger market slowdown, according to an April Coigecko report.
FSC to later allow public enterprises to exchange the crypto
From June 1, non-profit organizations in the country can now sell the crypto they have received by donations, while exchanges can liquidate the use of use in crypto, provided that real accounts are used and others know that your customer and that anti-flowage regulations are followed.
Non -profit organizations must have at least five years of audited financial history to receive and sell cryptography donations, while exchanges cannot sell crypto to cover operational costs, capped at daily limits.
Later this year, the FSC will authorize companies and listed entities on the stock market registered as professional investors to buy and sell crypto.
It is estimated that more than 16 million investors, or about a third of the population of South Korea, hold cryptographic accounts.
In relation: South Korea sanctions Upbit with a 3 -month ban on new customers
South Korean officials also said they had held and invested in the crypto. The country’s ethics committee for government officials revealed on March 27 that 20% of civil servants interviewed hold 14.4 billion wons ($ 9.8 million) in crypto, representing 411 of 2,047 managers subject to the country’s disclosure requirements to have cryptographic assets.
Crypto trade exploded in South Korea in 2017, pulled in part by anonymous accounts of companies, foreigners and minors; However, the financial authorities responded by demanding crypto exchanges to associate themselves with national banks and offer Fiat services only via real verified accounts.
Review: Korea to raise the ban on corporate cryptography, beware of crypto mining hds: Asia Express
