South Korea has witnessed its first legal corporate sale of cryptocurrency, as World Vision Korea sold part of its Ethereum holdings following recent regulatory changes permitting organisations to trade virtual assets.
The international NGO sold 0.55 Ethereum (ETH), valued at around 1.98 million won ($1,431), through Upbit, South Korea’s largest crypto exchange operated by Dunamu Inc.
World Vision’s Ethereum had been donated by Upbit users during a fundraising campaign designed to support underprivileged teenagers with school supplies such as uniforms and backpacks.
The NGO linked its corporate account at K Bank to its Upbit account, enabling a smooth transaction via Upbit’s won-based trading platform.
This transaction marks the first since the South Korean government introduced "Roadmap for Corporate Participation in the Virtual Asset Market" in February allowing certain legal entities—including nonprofit organisations and cryptocurrency exchanges—to participate in virtual asset trading for cash conversion.
The roadmap opens the door for nonprofits, universities, and exchanges meeting specific conditions to legally sell crypto assets starting this quarter.
Dunamu said it plans to assist more nonprofit groups with navigating these new regulations.
The company is currently in discussions with organisations such as the Community Chest of Korea to explore ways to expand the use of crypto donations, as part of its broader effort to promote a culture of virtual asset philanthropy.
Beyond nonprofits, the roadmap anticipates that in the second quarter, several universities—including Seoul National University, Korea University, Sogang University, and Dongseo University—will be able to convert a combined total of one billion won worth of WEMIX tokens donated by game developer WeMade Co. in 2022.
Law enforcement bodies that have opened accounts to hold confiscated criminal crypto assets will also gain permission to sell these assets, starting in the same period.
Later this year, in the second half, roughly 3,500 listed companies and professional investment firms registered under Korea’s Capital Markets Act will be authorised to trade virtual assets.
South Korea’s growing acceptance of digital assets reflects broader global trends, with major economies such as the United States incorporating cryptocurrencies into formal regulatory frameworks.
Still, financial institutions remain excluded from the new rules, which means that Bitcoin spot exchange-traded funds (ETFs) are not yet expected in the Korean market.
The country’s cryptocurrency market reached nearly 108 trillion won in the latter half of last year, supported by strong retail interest.
Approximately one-fifth of South Korea’s population now trades digital assets, highlighting growing engagement at a grassroots level.
Alongside market opening steps, the Digital Asset Exchange Alliance (DAXA) launched a new disclosure section on its website.
This platform aims to improve transparency by offering users easy access to key market data such as planned virtual asset sales, recent transaction outcomes, deposit interest rates, and the status of the top 20 domestic cryptocurrencies by market capitalisation.
This increased visibility is intended to build trust among market participants as South Korea cautiously expands its virtual asset ecosystem.
Dunamu’s operator of Upbit highlighted the significance of the recent sale, calling it an important milestone.
Dunamu is preparing for the next phase of the roadmap, which will include supporting participation from listed companies and professional investors.
Real-name account issuance for these entities is expected to begin in the second half of the year, according to the Financial Services Commission.
The recent transaction by World Vision Korea is seen as a deliberate step forward, albeit later than in other countries such as the US, and signals growing acceptance of cryptocurrencies within formal sectors in South Korea.
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