Government officials in South Korea announced that the amended donations law will not include crypto, such as Bitcoin, as reported by local news on May 5. The Ministry of the Interior and Safety plans to expand donations but has decided to exclude crypto donations. The amended law will allow alternatives like loyalty points, gift vouchers, securities, and local stablecoins for charitable giving. The Ministry aims to improve online donation platforms and utilize ARS technology for contributions. Despite the popularity of crypto, South Korean charities encounter legal obstacles when accepting crypto donations, usually having to rely on exchanges to convert tokens to cash. The exclusion of crypto from the donations law in South Korea underlines the need for clearer regulations to support a robust crypto donation ecosystem in the face of increasing digital asset popularity.
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