South Korea’s Donation Legislation Update Bypasses Cryptocurrencies: Impact on Bitcoin (BTC) and Altcoins

• South Korea has excluded cryptocurrencies from its updated donation legislation, potentially impacting the country’s charities and donation drives.
• Despite this, the amended law will allow donations in local government-issued stablecoins and blockchain-issued gift vouchers.
• South Korea is also ramping up efforts to combat cryptocurrency-related crimes and financial fraud.

South Korea’s exclusion of cryptocurrencies from its donation laws could limit charitable innovation, despite the country’s push to modernize with stablecoins and blockchain vouchers.

Exclusion of Cryptocurrencies in Donation Laws

South Korea has decided to exclude cryptocurrencies from its amended donation legislation, a move that could impact the country’s charities and donation drives. The Ministry of Public Administration announced that the updated “Donations Act” will allow various new donation methods, such as department store gift vouchers, stocks, and loyalty points from Korean internet giant Naver, but it will not permit the use of crypto assets like Bitcoin.

Impact on Charitable Donations

The decision comes as a surprise, especially considering the growing popularity of cryptocurrencies in South Korea. Globally, over $2 billion has been donated using cryptocurrency as of January 2024, according to reports. However, South Korean charities will not be able to tap into this market due to the exclusion of digital assets from the amended law.

Inclusion of Stablecoins and Blockchain Vouchers

Despite the exclusion of cryptocurrencies, the amended legislation will permit donations in local government-issued, KRW-pegged stablecoins and blockchain-issued gift vouchers. This move aims to modernize the donation process, which was first enacted in 2006 when there were fewer types of payme... Read the full article for FREE at COINOTAG!