As a researcher with a background in fintech and digital currencies, I find the exclusion of crypto assets from South Korea’s updated donation legislation disappointing. The country is known for its tech-savvy population and high adoption rates of digital currencies such as Bitcoin (BTC). Allowing charities to accept donations in cryptocurrencies would not only modernize their methods but also tap into a significant source of funds.
The recently revised charitable donation laws in South Korea do not include digital currencies, potentially hindering the operations of South Korean charities and fundraising efforts.
I, as an analyst, have come across a report from Kyunghyang Shinmun on May 5th, indicating that the Ministry of Public Administration has proposed amendments to South Korea’s “Donations Act.” These modifications limit the application of cryptocurrencies for charitable contributions.
As a crypto investor, I’ve been following the latest developments in charitable giving, and I’m excited to share that starting July, there will be new ways to donate to causes I care about. I can use department store gift vouchers, stocks from companies like Naver, or even my hard-earned loyalty points. However, unfortunately, it seems that crypto assets such as Bitcoin (BTC) won’t be an option for now.
As a researcher looking back at the history of donation practices, I recall that the regulations governing the collection and utilization of donated items were initially established in the year 2006. At that time, the variety of payment options was limited, and smartphones with their current functionality were yet to become prevalent in our society.
The options for making donations have been broadened beyond banking transfers and online payments to encompass automated systems via phone or mail, as well as logistics services.
The Ministry failed to offer an explanation for why digital asset donations were excluded from the legislation, despite their widespread use in South Korea. Nevertheless, the new regulations will allow donations in stablecoins pegged to the Korean won and blockchain-based gift certificates.
As a data analyst, I’ve discovered that over $2 billion was given worldwide in cryptocurrencies by January 2024, based on TheGivingBlock’s report. Unfortunately, most local charities aren’t authorized to receive such donations.
Over on the other side of the Atlantic, news emerged that over half of U.S. charities have started accepting digital asset donations.
As a researcher, I’ve come across some intriguing news from South Korea. In late April, reports emerged suggesting that the country is planning to transform its temporary cryptocurrency crime investigation unit into a permanent department. This move comes in response to the rising number of crypto-related crimes and financial fraud cases.
Singapore’s crypto exchange, Crypto.com, encounters challenges expanding into the South Korean market because of regulatory obstacles.
In April, CryptoMoon announced that South Korean regulators identified potential Anti-Money Laundering (AML) issues with the data provided by the exchange and initiated an unexpected on-site visit to scrutinize its operations.
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2024-05-06 09:13