South Korea’s amended donations law will exclude crypto, including Bitcoin, as announced by government officials on May 5, as reported by local news.
The Ministry of the Interior and Safety aims to expand donations but won’t allow crypto donations. Amendments to the law will permit various alternatives like loyalty points, gift vouchers, securities, and local stablecoins for charitable giving.
The ministry plans to enhance online donation platforms and use ARS technology for contributions. The decision not to include crypto wasn’t explained, disappointing crypto enthusiasts and charities.
Despite crypto’s popularity, South Korean charities face legal hurdles for crypto donations, relying on exchanges to convert tokens to cash. Past attempts at crypto-powered platforms faced challenges, with major donations starting in 2020 through exchanges like Dunamu’s platform.
Despite this, crypto donations are gaining popularity, with significant contributions made to international causes like aiding earthquake victims in Turkey-Syria and supporting refugees in Ukraine.
South Korea’s exclusion of crypto from its donations law highlights the necessity for clearer regulations to nurture a robust crypto donation ecosystem amidst digital asset popularity.
Also Read: South Korea to Form Crypto Investigative Unit: Report
