As a researcher with a background in both charity law and cryptocurrency, I find South Korea’s decision to exclude crypto from its amended donations law disappointing but not entirely surprising. Having followed the development of crypto-powered charitable giving platforms in South Korea closely, I have witnessed firsthand the legal challenges that charities face when accepting crypto donations directly.
According to recent reports from South Korean news outlets, the revised charitable contributions law passed in South Korea will no longer recognize cryptocurrencies such as Bitcoin as valid donations, following an announcement made by government officials on May 5th.
The Ministry of the Interior and Safety intends to broaden the scope of donations, yet prohibits cryptocurrencies as an option. New legislation will enable various substitutes such as loyalty points, gift cards, securities, and locally issued stablecoins for charitable contributions.
The ministry intends to upgrade its online donation systems and incorporate ARS tech for financial contributions. However, the rationale behind excluding cryptocurrencies was not disclosed, leaving crypto advocates and charitable organizations feeling let down.
In contrast to the widespread use of cryptocurrencies, South Korean charities encounter legal obstacles when accepting crypto donations, necessitating the involvement of digital asset exchanges to convert tokens into cash for processing these contributions. Previous endeavors to establish crypto-centric giving platforms have encountered hurdles; significant donations commenced in 2020 via platforms like Dunamu.
As an analyst, I’ve noticed an increasing trend towards cryptocurrency donations. Notably, these digital assets have been used extensively for humanitarian efforts, such as providing aid to earthquake victims in Turkey-Syria and assisting refugees in Ukraine.
As a crypto investor, I strongly believe that South Korea’s decision to exclude digital assets from its donations law underscores the urgency for more definitive regulations in this space. This will foster a thriving ecosystem for cryptocurrency donations and ensure that it remains an integral part of the growing digital asset landscape.
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2024-05-06 10:28