Cryptocurrencies

South Korea’s New Donation Rules Make Space for Crypto

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Key Takeaways

South Korea has decided not to include digital currencies as an acceptable form of donation, despite recent amendments to the “Donations Act” of 2006 that broadened to include modern payment forms like gift vouchers and stocks. Global crypto donations have risen, with over $2 billion reported in January 2024.

South Korea has excluded cryptocurrencies from approved donation methods in recent changes to the “Donations Act” of 2006, preventing charitable organizations from accepting them. According to a report by Kyunghyang Shinmun, the amendments expand to include gift vouchers and stocks but do not include crypto. The Ministry of Public Administration has updated the act to integrate new donation methods like automated response systems, postal services, and logistics, adapting to technological advancements. This decision contrasts with the increasing use of cryptocurrencies for charity globally, with TheGivingBlock reporting over $2 billion in crypto donations as of January 24, 2024.

The cautious approach to excluding crypto as an approved donation method reflects regional uncertainties about digital currencies, as seen in the regulatory concerns that caused Crypto.com to postpone its launch in South Korea. Aaron, an expert with a Master’s degree in Economics, Politics, and Cultures of East Asia, provides data-driven and fact-based content on digital currencies, making complex topics accessible to beginners and industry professionals alike. Aaron has extensive experience in the FinTech industry and is dedicated to transforming the blockchain and Web3 space to be more inclusive and educational.

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