Exclusion of Cryptocurrency from New South Korean Law on Donations

South Korean government officials have announced that crypto, including Bitcoin, will not be included in an amended donations law. The Ministry of the Interior and Safety aims to expand the scope of donations but has decided against allowing citizens to donate crypto. The planned amendments will allow citizens to donate various cash alternatives to charitable causes, such as loyalty points, gift vouchers, securities, and stocks. The ministry also plans to allow donations of local government-issued stablecoins and blockchain-powered e-gift vouchers. The scope of donation platforms will also be broadened, with more online donation options to be approved. The ministry hopes to receive approval for the legal amendments in time for a July rollout. The decision not to allow crypto donations may disappoint crypto enthusiasts and South Korean charities, as they have faced legal obstacles in accepting crypto donations in the past.