South Korean government officials have announced that crypto, including Bitcoin, will not be included in an amended donations law. The Ministry of the Interior and Safety had initially planned to expand the scope of donations, but ultimately decided against allowing citizens to donate crypto. Instead, the amendments will allow citizens to donate various cash alternatives, such as loyalty points, gift vouchers, securities, and listed stocks. The ministry also plans to allow donations in local government-issued, stablecoins and blockchain-powered e-gift vouchers. The scope of donation platforms will also be broadened, with more online donation options being approved. The ministry hopes that the legal amendments will be approved by lawmakers in time for a July rollout. Although the ministry did not provide a reason for excluding crypto donations, this decision will be disappointing to crypto enthusiasts and South Korean charities. In recent years, charities have attempted to launch crypto-powered donation drives but have faced legal obstacles. South Korean law currently does not allow charities to accept crypto donations, forcing them to rely on domestic exchanges for support. Despite these challenges, crypto donations have been gaining popularity in South Korea, with many individuals looking to donate their coins to overseas charities. For example, South Koreans donated BTC 14 to charities assisting victims of the Turkey-Syria earthquakes in 2023. These donations were made through a platform operated by Dunamu, the creator of South Korea’s leading Upbit exchange.
