World Vision Korea, an international humanitarian development NGO, has become the first non-profit organization in the country to sell cryptocurrency under a new system.
Dunamu, the operator of Upbit, officially announced on the 1st that World Vision Korea sold 0.55 ETH through Upbit. The amount is approximately 1,436,000 won (about 1.98 million won). This Ethereum was collected through a donation campaign in March, during which Upbit users had donated cryptocurrency to support vulnerable youth who struggle to obtain basic educational supplies like school uniforms or bags. The donated assets were kept by Chairman Myung-hwan, and this sale marks the first full conversion to cash.
This case aligns with the recent regulatory improvements by financial authorities. On May 20th, the Financial Services Commission revised regulations to allow virtual asset businesses and non-profit organizations to sell cryptocurrency under a new compliance standard. Previously, non-profit organizations faced legal uncertainties that made it difficult to smoothly convert donated cryptocurrency into cash, but this regulatory change provides a new opportunity.
World Vision Korea's cryptocurrency sale is considered a representative example of how institutional changes are being applied in practice. Attention is focused on whether more civic organizations and social enterprises will accept cryptocurrency as a new donation method following the financial authorities' measures.
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