World Vision Conducts First Crypto Trade in South Korea After Ban Lift

Jimmy Aki
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On June 1, the Humanitarian aid group World Vision Korea became the first nonprofit to liquidate cryptocurrency under South Korea’s newly revised institutional trading rules. They sold 0.55 ETH on Upbit for roughly 1.98 million won ($1,436).

The funds were donated by Upbit users for school essentials for underprivileged children.

Will Korea’s Phased Approach Win Back Crypto?

The Financial Services Commission (FSC) cleared the path on May 20 by authorizing nonprofits and exchanges to convert donated assets and fee revenue to cash, provided they use real-name bank accounts and comply with Know-Your-Customer and anti-money-laundering checks.

The framework, which took effect on June 1, demands at least five years of audited accounts from nonprofits and limits exchanges to selling only what they need for operating costs.

The FSC plans a second opening later this year when it will let publicly listed companies and registered professional investors trade crypto directly.

Regulators hope the phased approach expands the market while keeping its large retail base, about 16 million Koreans (one-third of the population), inside strict compliance rails.

Upbit, the leading exchange, highlights these changes in the country’s crypto market. First-quarter volume fell 34% to $371 billion amid a broader market slowdown.

Despite the drop, the platform remains the primary platform for institutional and charitable crypto activities, such as World Vision’s liquidation.

South Korea clamped down on anonymous institutional trading after the 2017 retail frenzy, forcing exchanges to link with domestic banks and verify users’ real names.

Eight years and several scandals later, authorities are testing whether tighter guardrails and high-profile socially minded use cases like World Vision’s cash-out can prove that regulated crypto trading can coexist with investor protection and public benefit.

Bipartisan Push Signals Crypto Expansion in South Korea

Another win for the South Korean crypto market seems forthcoming.

In two days, voters across the East Asian country will choose a new president, yet the industry sees guaranteed gains.

Liberal front-runner Lee Jae-myung has promised a set of crypto-positive moves if he wins. He plans to legalize spot crypto ETFs, permit the 884 trillion Won national pension company buy digital assets, and launch a Won-pegged stablecoin to curb capital flight.

Conservative rival Kim Moon-soo promises lighter red tape and backs the ETF push.

Their rare bipartisan alignment shows that, regardless of the election result, policymakers aim to widen access, tighten safeguards, and cement Seoul’s status as a regional crypto hub.

Implementation of the country’s cryptocurrency regulations has not been an issue.

On April 11, the Financial Services Commission ordered Apple to remove 14 crypto-exchange apps, including KuCoin and MEXC, for operating without local registration.

The FSC warned that running an unregistered virtual-asset business can bring five years in prison and a 50 million won ($35,200) fine.

Its Financial Intelligence Unit says more blocks are coming as it hunts money-laundering risks, showing Seoul’s resolve to pair expanding market access with uncompromising compliance gates.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.