South Korea’s new donation rules leave no room for cryptocurrencies
Key Takeaways
- South Korea excluded cryptocurrencies from approved donation methods in a recent amendment to its 2006 “Donation Act.”
- This is despite the fact that it has expanded to include modern payment methods such as gift cards and stocks.
- Global cryptocurrency donations have increased to over $2 billion reported in January 2024.
Korea decided Please do not include digital currency as an acceptable form of donation.
Charities include: Cannot accept cryptocurrency.
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According to the Kyunghyang Shinmun, recently Cryptocurrencies were excluded from the 2006 revision of Korea’s “Donation Act.” The same holds true now that the law has been expanded to include other modern payment methods, such as department store gift cards or stocks.
government No specific reason was given To keep cryptocurrencies off the approved list, won-pegged stablecoins and blockchain-issued gift certificates are accepted if issued locally.
Even at the Ministry of Government Administration and Home Affairs Updated the bill to incorporate new donation methods. Adapt to technological developments such as automated response systems, postal and logistics services, and changes in consumer behavior.
This decision will be made at the following times: Cryptocurrencies are increasingly being used for charity around the world. TheGivingBlock reports that as of January 24, 2024, over $2 billion in donations have been made using cryptocurrency.
The cautious approach to excluding cryptocurrencies from accepted donation methods reflects regional uncertainty around digital currencies.
This uncertainty is also evidenced in the situation with cryptocurrency exchange Crypto.com, which recently delayed its launch in South Korea due to regulatory concerns over its anti-money laundering practices.
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