World Vision First NGO to Cash Out Crypto, Converts ₩1.98M on Upbit

## The Domestic Virtual Asset Market: The Era of Official Participation for Non-profit Corporations Begins As of June 1st, the official sale of virtual assets by domestic non-profit corporations has been permitted, opening a new chapter in Korea's virtual asset market. As a first step, Dunamu, the operator of Upbit, announced that it successfully supported the sale of 0.55 Ethereum (ETH), worth approximately 1.98 million won, held by the international relief and development NGO World Vision. This is in accordance with the 'Roadmap for Corporate Participation in the Virtual Asset Market' announced by the Financial Services Commission and other relevant authorities last February, marking the first transparent realization of virtual assets into cash by a corporation within the institutional framework. World Vision linked its K-Bank corporate account to its Upbit account and sold the donated Ethereum in the KRW market. **Strict Qualifications and Procedures Established** To sell virtual assets, non-profit corporations must meet strict eligibility requirements. They must have been established for at least 5 years as a special/general donation organization under the 'Corporate Tax Act', have received an 'appropriate' opinion in external audits for the past 3 years, and not be designated as a dishonest donation recipient. Furthermore, they must establish internal control standards and set up and operate a donation review committee to pre-review the appropriateness of donations and their monetization plans. Tradable virtual assets are limited to those supported by at least three domestic KRW exchanges, and the principle is to convert them to cash immediately upon donation. The transaction procedures also emphasize transparency. Corporations must open a dedicated account linked to a real-name account at a domestic KRW exchange, and virtual assets can only be received through the donor's exchange account. Anonymous donations or direct transfers between wallets without going through an exchange are strictly prohibited. **Enhanced Transparency and Anti-Money Laundering Efforts** To ensure transparency in the virtual asset sale process, disclosure obligations have been significantly strengthened. Sale plans must be disclosed within 2 business days from the board resolution date and at least 3 business days before the scheduled sale start date, and sale results and fund usage details are also subject to post-disclosure. Internally, procedures such as preparing a sale plan, compliance officer review, and submission to the board of directors must be followed. Customer verification (KYC) procedures for anti-money laundering (AML) have also been strengthened. Donors, non-profit corporations, exchanges, and banks multi-verify transaction purposes and fund sources, and re-verify and inspect every year to minimize potential risks. **Heightened Expectations for Future Market Expansion** World Vision's sale of Ethereum was the monetization of virtual assets collected through the 'Cheer Up Future Generations Campaign' conducted by Dunamu and World Vision last March to support vulnerable youth. The Financial Services Commission plans to additionally permit the participation of listed corporations and corporations registered as professional investors in the virtual asset market starting from the second half of this year, and Dunamu is also preparing to support the market participation of general corporations. The industry assesses that this measure has 'buttoned' the first button for corporate participation in the domestic virtual asset market. It is anticipated that if the scope of participation is expanded to general corporations in the future, it will become an important turning point that will further accelerate the expansion of the domestic virtual asset market's size and its integration into the institutional framework.