The new donation legislation in South Korea has made a decision to exclude cryptocurrencies, which could have an impact on the country's charities and donation campaigns. Even though the law has been amended to allow donations in stablecoins issued by local governments and blockchain-based gift vouchers, it will not permit the use of cryptocurrency assets like Bitcoin. South Korea is also making efforts to tackle crimes related to cryptocurrencies and financial fraud.
This exclusion of cryptocurrencies from donation laws in South Korea may hinder charitable innovation, despite the country's efforts to modernize through stablecoins and blockchain vouchers. The Ministry of Public Administration has announced that the updated law will introduce new donation methods such as department store gift vouchers, stocks, and loyalty points from Naver, a Korean internet giant. However, cryptocurrencies will not be accepted as donations.
This decision is unexpected, especially with the increasing popularity of cryptocurrencies in South Korea. Globally, more than $2 billion has been donated using cryptocurrency platforms.
