Bittime - The crypto industry is again faced with regulations that limit its use. This time, South Korea plans to limit the use of crypto assets such as Bitcoin for donation activities.
Amendment to South Korea's Donation Act
According to local media reports, Kyunghyang Shinmun, quoted by Cointelegraph, South Korea's public administration department has proposed amendments to the country's Donation Law. This amendment aims to limit the use of crypto assets in donation activities.
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Starting July, New Legal Donation Methods
Starting July 2024, donors in South Korea will still be able to make donations to charities or non-profit organizations using various methods other than crypto assets. Some of the new methods authorized in the amendment are department store gift certificates, shares, and Naver (an internet company in South Korea) loyalty points.
Reasons for Crypto Asset Restrictions
Relevant institutions in South Korea explained that the previous Donation Law was passed in 2006. At that time, payment methods were still limited and the use of smartphones was not as popular as it is today. The latest amendments aim to adapt regulations to technological developments.
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Blockchain-Based Stablecoins and Gift Certificates Remain Legal
Interestingly, the amendment does not immediately prohibit all digital assets for donation. The new law will allow the use of stablecoins issued by local governments and pegged to the Korean won. Apart from that, donations using blockchain -based gift certificates are also still allowed.
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How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Cryptocurrency Regulations in South Korea
South Korean Crypto Investors File Petition to Delay Crypto Tax
South Korea Ready to Ban Crypto Purchases with Credit Cards
DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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