South Korea plans to introduce stricter regulations on digital asset transactions as it prepares to welcome institutional investors to its cryptocurrency market.
The country intends to introduce new guidelines for non-profit cryptocurrency sales as well as improve listing standards for platforms.
On May 20, during its fourth Virtual Assets Committee meeting, South Korea's Financial Services Commission (FSC) announced comprehensive new measures.
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These updated rules, which will take effect in June, allow non-profit organizations and virtual asset platforms to sell cryptocurrencies by meeting new compliance standards.
Nonprofits must have at least five years of audited financial records to accept and sell virtual asset donations.
They are also required to establish internal donation review committees to assess the suitability of each donation and develop liquidation strategies.