Crypto Excluded from New South Korean Donations Law
Crypto, including Bitcoin, will be excluded from an amended South Korean donations law, government officials announced on May 5.
Per Kyunghang Shinmun, the Ministry of the Interior and Safety said it wanted to “expand the scope” of donations – but has decided against allowing citizens to donate crypto.
The ministry plans to make amendments to the Enforcement Decree of the Act on Collection and Use of Donations.
These amendments will allow citizens to donate a slew of cash alternatives to charitable causes.
These include loyalty points from tech giants such as Naver, as well as department store gift vouchers, securities, supermarket vouchers, and listed stocks.
The ministry also plans to let citizens donate local government-issued, KRW-pegged stablecoins and blockchain-powered e-gift vouchers.
The scope of donation platforms has also been broadened in the plans, with more online donation options set to be green-lighted.
Citizens will also be able to make use of automatic response systems (ARS)-related technology when they want to give to charities.
Ministry officials want lawmakers to approve the legal amendments in time for a July rollout.
The ministry did not give reasons for its decision not to allow citizens to donate cryptoassets, despite the enormous popularity of BTC and other tokens in the country.
The news will come as a blow not only to crypto enthusiasts, but also to South Korean charities.
In recent years, charities have tried to launch crypto-powered donation drives. But they have had to contend with legal obstacles.
South Korean law does not allow for charities to accept crypto donations. So past campaigns have relied almost entirely on the aid of domestic exchanges.
In a January 2024 article for Bokji Times, Jang
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