World Vision becomes first nonprofit to sell crypto for Korean won

Home > Business > Industry

Published: 01 Jun. 2025, 18:55 Updated: 02 Jun. 2025, 01:23

PAIK JI-HWAN
[email protected]

An Upbit logo [KPR]

World Vision Korea became the first nonprofit to sell cryptocurrency for Korean won on Sunday.

World Vision Korea sold 0.55 Ether for 1.98 million won ($1,430) on Sunday, according to Upbit, Korea's largest cryptocurrency exchange.

The same day, Korea's Financial Services Commission (FSC) began allowing nonprofits that meet certain conditions to liquidate cryptocurrency donations into fiat currency.

The policy is part of a regulatory road map originally published in February with the aim of expanding the practice of cryptocurrency donation and helping nonprofits liquidate such donations.

Dunamu, Upbit's parent company, next aims to enable public companies and investment firms to utilize the system. Verified bank accounts for those entities will be issued in the second half of this year, according to the FSC.

BY PAIK JI-HWAN [[email protected]]