South Korea’s Charities Demand Crypto Donation Overhaul: Simpler Systems Now!
Red tape meets blockchain—and charities are losing patience.
### The Friction Point
South Korean non-profits are hitting a wall. While crypto wallets bulge globally, donating digital assets remains a logistical nightmare. Complex verification, tax reporting labyrinths, and platform fragmentation stall generosity. It's a classic case of 21st-century technology trapped in 20th-century bureaucracy.
### The Call to Action
The message is blunt: streamline or get left behind. Charities aren't asking for special treatment—just functional infrastructure. They want donation channels as simple as a retail crypto swap. Think one-click giving, transparent tracking, and automatic compliance hooks. The tools exist; the will to integrate them does not.
### The Bigger Picture
This isn't just about convenience. It's about unlocking a new donor demographic—tech-savvy, asset-rich, and eager to bypass traditional finance's gatekeepers. Every day the system stays complicated is a day potential funds sit idle or flow elsewhere. A cynical observer might note that legacy banks, clinging to their intermediary fees, aren't exactly rushing to solve this problem.
The clock's ticking. Either build the rails for crypto philanthropy, or watch the next wave of capital philanthropy pass you by.
Donating crypto is a complex process in South Korea
To donate crypto in Seoul, donors must go through six steps. First, they have to call the charity to say they want to donate.
Next, donors must fill out a form. The FORM asks for personal details, the reason for the donation, which crypto they are donating, and how much of that crypto they will give. There is no minimum or maximum amount.
After that, the charity reviews the donation. This is done to make sure the money is not illegal. If the donation is approved, the charity chooses a donation date and gives the donor a wallet address to send the coins.
But not every crypto and exchange is accepted. The selected crypto coin must be listed on at least three major Korean exchanges. Currently, there are five major crypto exchanges in the country, including Upbit, Bithumb, Korbit, Coinone, and Gopax.
Charities measure crypto donations in coins, not in won
Another issue that makes crypto donations complex is how donations are measured. Donors do not donate by value, like 100,000 Korean won worth of Bitcoin. Instead, they donate by coin amount, such as 0.01 BTC.
Once that number is set, it cannot be changed. If the price goes up or down, the donation value changes too. To change the amount, the donor must start the whole process again. This makes price swings a major risk.
After receiving the crypto, the charity sells it almost immediately. Large amounts may be sold in parts, but usually within two days. Donors receive a receipt, and the donation qualifies for tax deductions, just like a normal cash donation.
Even with these benefits, most people still sell their crypto and donate cash instead. It is faster and simpler. That is why direct crypto donations are rare in South Korea.
Last year, the Fruit of Love charity received 1 bitcoin in crypto donations. The Korean Red Cross and Seoul National University Hospital received 1 bitcoin in donations each from the same person.
In other countries, crypto donations are simpler and more common.
The United States began allowing Bitcoin donations for political purposes as early as 2014, and in 2024, crypto donations there reached about $688 million. Charities across Europe, including in France, have opened their doors to digital asset gifts, with more than 1,300 organizations now accepting crypto.
In the Middle East, Dubai charities have started accepting cryptocurrency donations under a new digital-asset giving framework. Major international nonprofits such as UNICEF and the Rainforest Foundation also accept crypto contributions globally.
One-click crypto donations are faster, and without them, crypto donations are likely to stay uncommon in South Korea.
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