Humanitarian aid organization World Vision Korea is the first nonprofit to sell crypto in South Korea after the country ushered in new rules around institutional crypto trading.
World Vision Korea sold 0.55 Ether (ETH), worth roughly 1.98 million won ($1,436) on Upbit, according to a June 1 statement from Dunamu, the parent company of the crypto exchange.
The Ether, which was held by Chairman Myung-hwan, was donated as a result of a campaign in March that asked Upbit users to donate crypto to help underprivileged youth who can’t afford school items such as uniforms and bags.
During a May 20 meeting, South Korea’s Financial Services Commission updated its rules to allow nonprofit organizations and virtual asset exchanges to sell cryptocurrencies under new compliance standards.
Upbit, the country’s largest exchange by volume, saw volumes fall by 34%, dropping from $561.9 billion in the fourth quarter of 2024 to $371 billion in the first quarter of this year, amid a broader market downturn, according to an April CoinGecko report.
FSC to later allow public firms to trade crypto
Starting June 1, nonprofits in the country can now sell crypto they received through donations, while exchanges can liquidate user fees paid in crypto, provided real-name accounts are used and other Know Your Customer and Anti-Money Laundering regulations are followed.
Nonprofits must have at least five years of audited financial history to receive and sell crypto donations, while exchanges can only sell crypto to cover operational costs, capped at daily limits.
Later this year, the FSC will allow publicly listed companies and entities registered as professional investors to buy and sell crypto.
It’s estimated that over 16 million investors, roughly a third of South Korea’s population, hold crypto accounts.
Related: South Korea sanctions Upbit with 3-month ban on servicing new clients
South Korean public officials have also reported holding and investing in crypto. The country’s Ethics Commission for Government Officials disclosed on March 27 that 20% of surveyed public officials hold 14.4 billion won ($9.8 million) in crypto, representing 411 of the 2,047 officials subjected to the country’s disclosure requirements to hold crypto assets.
Crypto trading exploded in South Korea in 2017, driven partly by anonymous accounts from businesses, foreigners and minors; however, financial authorities responded by requiring crypto exchanges to partner with domestic banks and offer fiat services only through verified real-name accounts.
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