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.
Corporate crypto trading opens door to digital asset donations
Kim Keo-seok, a private investor in his 70s, left, poses with Seoul National University Hospital President Kim Young-tae after donating 1 Bitcoin at the hospital in Seoul, Nov. 11. Courtesy of the Seoul National University Hospital
By Lee Yeon-woo
Korea's easing of restrictions on corporate crypto trading is fueling a rise in digital asset donations, with non-profits and universities moving to integrate blockchain into their fundraising infrastructure, industry officials said Monday.
The Community Chest of Korea received its first major cryptocurrency donations this year with five Bitcoins (BTC) from a corporate donor and one from an individual.
To further promote digital philanthropy, the organization began issuing non-fungible tokens (NFTs) on Dec. 1 in partnership with Dunamu, operator of cryptocurrency exchange Upbit. About 2,000 NFTs are being offered at 5 Tether (USDT) each, or roughly $5.
Since October, Yonsei University alums have also been able to donate membership fees using BTC, USDT and USD Coin (USDC). The university's alum association said the initiative was partly driven by concerns over remittance fees and international transfer delays. So far, about five alums have made payments using cryptocurrencies.
Individuals are joining the trend. On Nov. 11, Kim Keo-seok, a private investor in his 70s, donated 1 BTC to Seoul National University Hospital, valued at approximately 157 million won ($106,831) at the time.
"Bitcoin is a new giving tool that reflects the spirit of the times," Kim said. "I hope this donation helps spread a new culture of philanthropy, and I intend to continue contributing in this way."
The rise in crypto-based donations follows regulatory changes that opened Korea’s virtual asset market to corporate players. The Financial Services Commission began granting access in June, starting with law enforcement and nonprofits, with broader corporate access expected to follow.
Industry officials say crypto donations could enhance fundraising efficiency and transparency. Blockchain’s immutability ensures traceability, while lower transaction fees and faster global transfers make digital giving particularly attractive for emergency relief and cross-border initiatives.
"Public participation in charitable giving has been steadily declining, and trust has not improved due to recurring controversies over how donations are used," an industry official said. "There is growing hope that these technologies can offer a more transparent and impactful way to give."