South Korea nonprofits trade $1,400 in crypto after new rules

Humanitarian group World Vision Korea became the first nonprofit to sell cryptocurrency under South Korea’s updated regulations.

On June 1, World Vision Korea sold 0.55 Ether (CRYPTO:ETH) on the Upbit exchange, valued at approximately 1.98 million won or $1,436, according to a statement from Dunamu, Upbit’s parent company.

The donated Ether was collected during a March campaign encouraging Upbit users to contribute crypto to support underprivileged children lacking school supplies.

This transaction follows a May 20 update by South Korea’s Financial Services Commission (FSC), which revised rules to permit nonprofit organisations and virtual asset exchanges to sell cryptocurrencies under new compliance standards.

The FSC now allows nonprofits with at least five years of audited financial history to liquidate crypto donations.

Exchanges can also convert crypto received as user fees to cover operational costs, subject to daily limits and strict Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

Starting June 1, these changes enable nonprofits to access crypto funds more flexibly, while exchanges maintain regulatory oversight.

The FSC plans to extend crypto trading permissions later this year to publicly listed companies and professional investors.

South Korea has a significant crypto user base, with over 16 million investors—about a third of the population—holding crypto accounts.

The country has a history of regulatory adjustments in response to rapid crypto adoption, including measures to curb anonymous trading and enforce real-name accounts linked to domestic banks.

Public officials also hold crypto assets; a March disclosure revealed that 20% of surveyed officials collectively own about 14.4 billion won ($9.8 million) in cryptocurrency.

Upbit, South Korea’s largest crypto exchange by volume, experienced a 34% drop in trading volume from $561.9 billion in Q4 2024 to $371 billion in Q1 2025 amid broader market declines.