World Vision first to trade crypto in South Korea after ban
World Vision Korea became the first nonprofit in South Korea to sell cryptocurrency following new regulations on institutional crypto trading. The organization sold 0.55 Ether (ETH), valued at approximately 1.98 million won ($1,436), on Upbit, facilitated by donations from a campaign aimed at supporting underprivileged youth. The Financial Services Commission (FSC) updated rules allowing nonprofits to sell crypto donations and exchanges to liquidate user fees, contingent on compliance with Know Your Customer and Anti-Money Laundering regulations. Nonprofits must have five years of audited financial history to engage in crypto transactions. The FSC plans to permit publicly listed companies to trade crypto later this year. Approximately 16 million South Koreans hold crypto accounts, with 20% of surveyed public officials reporting crypto investments totaling 14.4 billion won ($9.8 million). Crypto trading surged in South Korea in 2017, prompting regulatory measures requiring exchanges to partner with domestic banks for verified accounts.
