Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
First crypto sale by nonprofit completed on Upbit under new guidelines
Upbit headquarters in Seoul / Newsis
By Lee Yeon-woo
The first sale of virtual assets by a nonprofit organization took place on Upbit, Sunday, the same day that new regulatory guidelines allowing nonprofits to trade cryptocurrencies came into effect.
Dunamu, the operator of Upbit, said it assisted World Vision, a global humanitarian NGO, in selling 0.55 Ethereum, valued at about 1.98 million won ($1,430). World Vision linked its corporate account at Kbank to an Upbit account and completed the transaction through Upbit’s Korean won-based trading platform.
The virtual currency was donated during a March campaign co-hosted by Upbit, which encouraged users to contribute virtual assets to support underprivileged youth with essential school supplies like uniforms and backpacks.
This transaction follows the government's February announcement of a regulatory road map outlining how corporations and nonprofits can participate in the virtual asset market. Under the new framework, Korean nonprofits that meet specific criteria are now allowed to liquidate crypto donations into fiat currency.
Dunamu said it plans to continue supporting nonprofits in navigating the liquidation process in line with the updated regulations. The company is also in talks with other charitable groups, including the Community Chest of Korea, as it explores ways to expand the use of crypto donations.
Looking ahead, Dunamu noted it is preparing for the next phase of the road map, which will open the market to listed companies and professional investors. Issuance of real-name accounts for these entities is expected to begin in the second half of the year.
Meanwhile, with the new market's opening, the Digital Asset Exchange Alliance (DAXA) also announced the launch of a new disclosure section on its official website. The initiative aims to increase transparency and trust in Korea’s crypto market by improving public access to key information.
In addition to listing statuses and deposit interest rate comparisons across virtual asset service providers, the new section includes updates on planned virtual asset sales, outcomes of recent transactions, the status of the top 20 domestic coins by market cap and other key market metrics.