South Korea’s New Donations Law Excludes Cryptocurrency: Impact on Bitcoin (BTC) and Ethereum (ETH)

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Crypto Excluded from New South Korean Donations Law

South Korea’s government has announced that cryptocurrencies, including Bitcoin, will not be included in the country’s amended donations law. Despite the popularity of cryptocurrencies in the country, the Ministry of the Interior and Safety has decided against allowing citizens to donate in crypto.

The South Korean government’s decision to exclude cryptocurrencies from the donations law could impact the country’s charities and crypto enthusiasts.

Donations Plans: Crypto Excluded

The Ministry of the Interior and Safety plans to amend the Enforcement Decree of the Act on Collection and Use of Donations. The amendments will allow citizens to donate cash alternatives such as loyalty points from tech giants, department store gift vouchers, securities, supermarket vouchers, and listed stocks. The ministry also plans to allow donations in local government-issued, KRW-pegged stablecoins and blockchain-powered e-gift vouchers. However, cryptocurrencies have been excluded from this list.

Charities to Suffer?

South Korean charities, which have been trying to launch crypto-powered donation drives, may be negatively impacted by this decision. Current South Korean law does not allow charities to accept crypto donations, forcing them to rely on domestic exchanges. The exclusion of cryptocurrencies from the amended donations law could further hinder these efforts.