World Vision Korea has made history as the first organization to engage in cryptocurrency sales, following South Korea’s recent decision to gradually lift restrictions on institutional trading of digital currencies.
As per the new regulations established by the South Korean Financial Services Commission (FSC), non-profit organizations are now permitted to sell cryptocurrencies received through donations and sponsorships.
On Sunday, World Vision Korea completed its inaugural transaction by selling 0.55 Ethereum (ETH), valued at around 1.98 million won ($1,431). This sale took place on Upbit, the country’s largest cryptocurrency exchange.
Following the transaction, the NGO facilitated the sale by linking its Kbank account to Upbit, allowing it to liquidate the Ethereum obtained through donations, according to a statement from the exchange.
In a move to combat potential money laundering, the FSC has enhanced scrutiny over the objectives and sources of funds for non-profits. Furthermore, it mandates that all donations must be processed through domestic won exchange accounts.
Upbit Parent Company to Promote Crypto Donation Initiatives
Dunamu, the parent company of Upbit, is actively working to assist non-governmental organizations in South Korea with the sale of their cryptocurrency donations.
The firm is committed to developing a platform that adheres to the guidelines set forth by financial authorities and aligns with industry standards.
“Dunamu is currently exploring ways to enhance the culture of virtual asset sharing in collaboration with the Community Chest of Korea, Love Fruit, and others,” a company release stated.
In March, Dunamu and Upbit initiated a campaign focused on cryptocurrency sponsorship, specifically to support underprivileged youth struggling with the costs of school uniforms and books. World Vision’s successful crypto sale is a direct outcome of this “cheer up campaign,” as noted by Upbit.
South Korea Set to Permit Crypto Trading by Public Companies Later This Year
Moreover, the FSC has disclosed plans for a controlled implementation that will allow publicly listed companies to begin trading cryptocurrencies in the second half of 2025. This initiative will enable approximately 3,500 listed firms and professional investment corporations, registered under Korea’s Capital Markets Act, to engage in virtual asset trading.
South Korea’s proactive stance on digital assets contrasts with other global markets, such as the US, where efforts are underway to incorporate cryptocurrencies into national reserves.
Additionally, South Korean investors are closely watching the presidential election set for Tuesday, with all three leading candidates expressing their commitment to fostering the local cryptocurrency sector, which includes plans for spot crypto ETF approvals.
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