South Korea Excludes Cryptocurrencies from its New Donations Act
Main page News, South Korea, Cryptocurrency
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6 May

South Korea's newly amended donation legislation has excluded digital currencies.

As reported by Kyunghyang Shinmun on May 5, the Ministry of Public Administration has submitted amendments to the "Donations Act" that do not allow the use of crypto assets for donations.

These amendments will take effect in July and offer new ways to donate, such as department store gift vouchers, stocks and Naver loyalty points. However, cryptocurrencies such as Bitcoin will not be accepted.

The act was first implemented in 2006, when there were fewer payment options and smartphones were not widespread.

The current amendments include a wider range of donation methods, such as automatic response systems, postal services and logistics services.

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