South Korea Excludes Cryptocurrencies from Donation Legislation Update
- South Korea’s exclusion of cryptocurrencies in donation laws contrasts with global trends, potentially limiting charitable innovation.
- Amended donation legislation reflects South Korea’s push to modernize, embracing stablecoins and blockchain vouchers.
- Balancing crypto inclusion with regulatory scrutiny, South Korea aims to curb financial crimes while potentially stifling charitable crypto giving.
South Korea has decided to exclude cryptocurrencies from its amended donation legislation, a move that could impact the country’s charities and donation drives. The Ministry of Public Administration announced that the updated “Donations Act” will allow various new donation methods, such as department store gift vouchers, stocks, and loyalty points from Korean internet giant Naver, but it will not permit the use of crypto assets like Bitcoin.
The decision comes as a surprise, especially considering the growing popularity of cryptocurrencies in South Korea. Globally, over $2 billion has been donated using cryptocurrency as of January 2024, according to reports. However, South Korean charities will not be able to tap into this market due to the exclusion of digital ass…
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