World Vision Korea Makes History With First Institutional Crypto Trade In South Korea

World Vision Korea, a prominent humanitarian aid organization, has made history by becoming the first nonprofit to trade cryptocurrency in South Korea following the lifting of a ban on institutional crypto trading. On June 2, the organization sold 0.55 Ether (ETH) through the Upbit exchange, marking the first institutional cryptocurrency transaction in the country since the ban was lifted.

The sale, valued at approximately 1,396.5 USD, was made possible by the Financial Services Commission (FSC) of South Korea, which updated its rules to allow nonprofit organizations and virtual asset exchanges to sell cryptocurrencies under new compliance standards. This move is part of a broader plan by the FSC to gradually relax policies in the second half of this year, with the aim of permitting listed companies and professional investment institutions to participate in crypto trading.

The Ether sold by World Vision Korea was donated as part of a campaign in March, which encouraged Upbit users to donate crypto to support underprivileged youth who cannot afford school items such as uniforms and bags. The donation was held by Chairman Myung-hwan and was sold to raise funds for the organization's humanitarian efforts.

The FSC's decision to allow nonprofits to sell crypto they received through donations, and exchanges to liquidate user fees paid in crypto, is a significant step towards integrating cryptocurrency into the mainstream financial system. This move is expected to attract more institutions to engage in crypto trading, thereby boosting the overall adoption of digital assets in the region.

The FSC's plan to further relax policies in the second half of this year indicates a progressive approach towards fostering innovation and growth in the financial sector. By allowing compliant organizations to trade cryptocurrency, the FSC aims to create a more inclusive and dynamic financial ecosystem. This decision is expected to encourage more institutions to explore the potential of digital assets, leading to increased participation and investment in the crypto market.

The lifting of the ban on institutional crypto trading in South Korea is a strategic move by the government to foster innovation and growth in the financial sector. This development could pave the way for more institutions to explore the use of digital assets, provided they adhere to the new compliance standards set by the FSC. The FSC's proactive stance on crypto regulation is a positive sign for the future of digital assets in South Korea, as it demonstrates a commitment to fostering a supportive environment for innovation and growth.