Crypto:
30251
Bitcoin:
$66.325
% 1.14
BTC Dominance:
%54.5
% 0.21
Market Cap:
$2.38 T
% 1.77
Fear & Greed:
74 / 100
Bitcoin:
$ 66.325
BTC Dominance:
% 54.5
Market Cap:
$2.38 T

South Korea Banned Cryptocurrency Donates

Crypto, South Korea, Crypto Currencies

South Korea regulated donation laws but cryptocurrency was removed from the list of acceptable assets. While department store gift cards, durability and loyalty points from tech giants like Naver can be donated, digital currencies like Bitcoin are not allowed.

The Ministry of Public Administration announced that it aims to donate cryptocurrencies made in the “Donation law”. Despite the popularity of cryptocurrencies in South Korea, the secret explanation for their exception has not been specified.

The legislation, which will go into effect in July, allows donations made through local government-issued, KRW-pegged stablecoins and blockchain-issued gift vouchers. However, this does not include more widely used cryptocurrencies such as Bitcoin.

According to TheGivingBlock, as of January 2024, over $2 billion has been donated via cryptocurrency worldwide. However, due to restrictions by South Korean companies, this market will be missed.

In contrast, American nations are increasingly accepting donations made with their digital assets. This highlights the different environments between countries and their attitudes towards cryptocurrencies.

South Korea is taking steps to address crypto-related crimes and financial fraud, including promoting a crypto crimes investigation unit. Regulatory hurdles also have crypto exchanges such as Crypto.com struggling to enter the South Korean market.

In April, an “emergency current investigation” was launched to find Anti-Money Money Laundering (AML)-related issues and monitor activities in data submissions by South Korean enterprise Crypto.com. These developments underscore the challenges of cryptocurrencies, indicating the emerging activity of South Korea.


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