South Korea’s Updated Donation Laws Don’t Include Crypto
The newly amended donation legislation in South Korea has excluded digital currencies, which could have a negative impact on the country’s charities and donation drives. The Ministry of Public Administration announced that amendments to the “Donations Act” restrict the use of crypto assets for donations. Starting in July, individuals who want to donate to charitable organizations will have various new methods to choose from, such as department store gift vouchers, stocks, and loyalty points from Korean internet giant Naver, but they will not be able to use crypto assets like Bitcoin.
The Donations Act was first enacted in 2006 when there were limited payment methods and smartphones were not widely used. The amendments now expand the methods of donation to include automated response systems, postal services, and logistics services. The Ministry did not provide a reason for excluding digital asset donations, despite their popularity in South Korea. The legislation does permit donations in local government-issued, KRW-pegged stablecoins and blockchain-issued gift vouchers.
This exclusion of digital asset donations is significant considering that over $2 billion has been donated globally using cryptocurrency as of January 2024, according to TheGivingBlock. Unfortunately, local charities in South Korea will not be able to benefit from this market. In contrast, more than half of American charities now accept donations in digital assets.
In other news, South Korea is planning to elevate its temporary crypto crime investigative unit into an official department to address the increasing number of crypto-related crimes and financial fraud. Singapore-based crypto exchange Crypto.com is facing challenges in penetrating the South Korean market due to regulatory barriers. South Korean authorities conducted an “emergency on-site inspection” in April after finding Anti-Money Laundering (AML)-related issues in the exchange’s data.
These developments highlight the regulatory landscape surrounding digital currencies in South Korea. While the country is making efforts to combat crypto-related crimes, it is also restricting access to digital asset donations for charitable purposes. This could hinder the growth of the crypto ecosystem within the country and limit opportunities for philanthropic endeavors involving cryptocurrencies.
18 thoughts on “South Korea’s Updated Donation Laws Don’t Include Crypto”
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It’s concerning to see South Korea limiting opportunities for philanthropy with digital currencies Charities need all the help they can get, including crypto support.
I don’t understand why they would exclude digital assets from donations It seems like a missed opportunity to tap into the growing popularity of cryptocurrencies.
South Korea needs to keep up with the changing times and accept digital asset donations It’s a shame they’re limiting charitable opportunities in such a fast-paced industry.
South Korea should take inspiration from American charities that accept digital asset donations 💪🇺🇸 Let’s embrace the potential of cryptocurrencies for philanthropy.
Seriously? South Korea is falling behind in embracing digital assets for donations. 🙄 It’s a shame that they’re restricting such an innovative and beneficial method.
This is a step back for South Korea’s charities. 😡 Excluding digital currencies as a donation option is a missed opportunity and could hinder their ability to receive funds.
The exclusion of digital currencies could hinder the growth of crypto philanthropy in South Korea It’s important to foster an inclusive environment for charitable endeavors.
It’s disappointing to see South Korea’s limited view on digital currencies for donations. 😞 By excluding them, they’re not only hindering philanthropy but also falling behind globally in this innovative space.
I hope South Korea reconsiders their decision and allows crypto donations in the future Charities deserve all the support they can get, and digital assets are a valuable resource.
I hope South Korea reevaluates the exclusion of digital asset donations 🙏💰 Charities can greatly benefit from the generosity of crypto holders.
Digital asset donations can bring innovation and new opportunities for South Korean charities Let’s not miss out on the potential benefits of cryptocurrencies.
It’s disappointing that South Korea is restricting access to digital asset donations 🚫💸 Let’s embrace the advancements of technology and utilize cryptocurrencies for good.
It’s great to see that the Donations Act is being updated to include more payment methods However, the exclusion of crypto assets is a step back.
This is disappointing news for South Korea’s charities. By excluding digital currencies, the country is hindering philanthropic endeavors and missing out on the global trend of cryptocurrency donations.
South Korea needs to reevaluate its decision and allow digital asset donations for charities Let’s enable a thriving crypto philanthropy scene.
It’s important for South Korea to foster an inclusive environment for charitable giving Digital assets should be welcomed as a viable donation method.
Let’s hope South Korea realizes the potential of digital asset donations for charities They shouldn’t miss out on the chance to make a positive impact through cryptocurrencies.
This is a disappointing development for charities in South Korea It’s unfortunate they won’t be able to benefit from digital asset donations.