World Vision – Crypto Market Insights: Dive In with CryptoUpdate.io https://cryptoupdate.io Latest cryptocurrency news, market updates and analysis Mon, 02 Jun 2025 07:02:49 +0000 en-US hourly 1 https://wordpress.org/?v=6.9 Nonprofit World Vision Makes History as First to Trade Crypto in South Korea Post-ban https://cryptoupdate.io/2025/06/02/nonprofit-world-vision-makes-history-as-first-to-trade-crypto-in-south-korea-post-ban/ https://cryptoupdate.io/2025/06/02/nonprofit-world-vision-makes-history-as-first-to-trade-crypto-in-south-korea-post-ban/#respond Mon, 02 Jun 2025 07:02:49 +0000 https://cryptoupdate.io/2025/06/02/nonprofit-world-vision-makes-history-as-first-to-trade-crypto-in-south-korea-post-ban/ World Vision Korea, a humanitarian aid organization, has made history as the first nonprofit to trade cryptocurrencies in South Korea, following the lifting of the country’s ban on institutional crypto trading. The organization sold 0.55 Ether (ETHUSD), equivalent to approximately 1.98 million won or $1,436, on the Upbit crypto exchange, as confirmed by a statement […]

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]]> World Vision Korea, a humanitarian aid organization, has made history as the first nonprofit to trade cryptocurrencies in South Korea, following the lifting of the country’s ban on institutional crypto trading. The organization sold 0.55 Ether (ETHUSD), equivalent to approximately 1.98 million won or $1,436, on the Upbit crypto exchange, as confirmed by a statement from Dunamu, Upbit’s parent company, on June 1.

This Ether, which was in possession of Chairman Myung-hwan, was donated during a March campaign that encouraged Upbit users to contribute cryptocurrency to assist underprivileged children who struggle to afford school essentials such as uniforms and bags.

During a meeting on May 20, South Korea’s Financial Services Commission (FSC) modified its regulations to permit nonprofits and virtual asset exchanges to trade cryptocurrencies under new compliance standards.

According to a CoinGecko report in April, Upbit, the nation’s leading exchange by trading volume, experienced a 34% decrease in volumes, falling from $561.9 billion in Q4 2024 to $371 billion in Q1 2025, as part of a wider market downturn.

Effective from June 1, nonprofits in South Korea are now able to liquidate cryptocurrency donations. In addition, exchanges can now liquidate user fees paid in crypto, provided real-name accounts are used and other Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations are adhered to.

Nonprofits must present at least five years of audited fiscal history to accept and liquidate cryptocurrency donations. On the other hand, exchanges are limited to selling cryptocurrency only to cover operational costs, subject to daily limits.

The FSC plans to further liberalize the regulations later this year, allowing publicly listed firms and entities registered as professional investors to buy and sell cryptocurrency.

It is estimated that about one-third of South Korea’s population, or over 16 million investors, have cryptocurrency accounts. Additionally, public officials in South Korea have disclosed their participation in crypto investment. The country’s Ethics Commission for Government Officials revealed on March 27 that 20% of surveyed public officials hold 14.4 billion won ($9.8 million) in crypto, representing 411 of the 2,047 officials subject to the country’s crypto asset disclosure requirements.

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