South Korea has taken a significant step by excluding cryptocurrencies from the scope of donation law. According to local media sources, changes made by the Ministry of Public Administration will prevent cryptocurrency assets from being donated to charitable organizations. These changes, set to take effect from July onwards, will allow donors to utilize traditional methods such as store gift certificates, stocks, and loyalty points through platforms like Naver, but cryptocurrencies will not be included in these options.
These alterations in South Korea come as part of a modernization effort of the Donation Law, which was enacted in 2006. The aim is to align donation methods with evolving technology and payment habits. However, there hasn't been a clear explanation as to why digital assets are excluded from this scope. On the other hand, it's noted that local authorities may accept donations in stablecoins pegged to KRW and blockchain-based gift certificates.
These changes demonstrate South Korea's continued monitoring of developments in cryptocurrency regulations. The exclusion of cryptocurrency assets from the donation process may indicate that regulations in this area are not yet fully matured or that there are specific concerns to be addressed.