South Korea has completed its first institutional cryptocurrency sale following the partial lifting of its long-standing restrictions on crypto trading by organizations. World Vision, a major international NGO based in the country, sold Ethereum, which it had received through donations.
This marks a significant development in the nation’s evolving regulatory stance on digital assets. Just last Sunday, World Vision sold 0.55 ETH on crypto exchange Upbit, one of South Korea’s biggest for crypto, marking the end sale of the Dogecoin. Dunamu, Upbit’s parent company, said the transaction was worth approximately $1,396.5 million (about 1.98 million Korean won), according to information released by the company.
Crypto donations converted through Upbit
World Vision performed this transaction by converting Ethereum received during its March Cheer Up! campaign, which aimed to raise funds for school essentials (e.g., uniforms and bags) for underprivileged children. Instead, to liquidate these digital donations, the NGO linked a corporate account with K-Bank to the exchange and liquidated the donations via Upbit’s Korean won market.
This event follows the release of a formal roadmap by the Financial Services Commission in February that outlines the process for institutional engagement in the crypto market. Under the guidelines, licensed crypto platforms and eligible non-profit organizations are now permitted to liquidate donated cryptocurrencies beginning June 1. This change signals the end of South Korea’s de facto ban on institutional crypto transactions.
Strict compliance requirements for non-profits
The roadmap sets out clear eligibility criteria for non-profits wishing to donate their cryptocurrencies. They must provide a minimum of five years of audited financial statements and create internal Donation Review Committees to oversee the donation assessments and liquidation strategies.
World Vision met these requirements, becoming the first to carry out a compliant institutional crypto sale in the country. Dunamu stated that it plans to promote a responsible donation culture by helping organizations convert crypto assets in accordance with the law and industry practices. The company is currently working with the Community Chest of Korea and Love Fruit to develop crypto donation frameworks further.
Pro-Crypto stance gains political support
South Korea’s political landscape is also shifting toward digital asset adoption. Ahead of the presidential election, candidates from both major parties have pledged support for the crypto industry. Liberal Lee Jae-myung and conservative Kim Moon-soo have each proposed policies to enhance market access and regulation.
Both candidates back the introduction of spot crypto ETFs and the inclusion of digital assets in the nation’s pension fund investment strategies. With over 18 million crypto users and holdings nearing $75 billion last year, the country’s crypto market is watching these developments closely.
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