South Korea to Allow Cashing Out Cryptocurrency Donations
Date: 2025-02-14 Author: Gabriel Deangelo Categories: IN WORLD
The country's financial regulator announced that new rules will come into force in the second half of next year, allowing these organizations to freely convert donations received in digital assets into traditional currency. The SFC will not interfere with such transactions if they do not pose a threat to financial stability or user rights.
SFC Deputy Chairman Kim So Young noted that a "Roadmap for Corporate Participation in the Virtual Asset Market" has been developed. Its goal is to test the process of cashing out cryptocurrency donations and determine safe conversion limits that meet government standards. Pilot testing will begin in the second half of the year.
In addition, the regulator intends to consider rules regarding special corporate accounts for working with digital assets. Banking institutions will be able to offer new financial instruments for organizations that accept cryptocurrency.
Earlier, South Korean Minister of Economy and Finance Choi Sang-mok said that the authorities are considering revising the ban on the launch of cryptocurrency spot ETFs. This could become part of an overall strategy to liberalize the country's digital market.
