South Korea to allow withdrawals from crypto exchanges

The Financial Services Commission of the Republic of Korea (SFC) has authorized public organizations and universities to open accounts and sell charitable donations on cryptocurrency exchanges.

According to the new document, from the second half of this year, the financial regulator will lift restrictions for non-profit, charitable, and educational institutions. The country will allow cashing out voluntary donations and sponsorship contributions that were deposited into an organization's account in the form of digital assets.

In turn, Kim So-Young, Deputy Chairman of the SFC, added that pilot tests are planned for the second half of 2025. At the same time, the regulator will return to discussions on provisions defining the procedures for opening and maintaining special corporate accounts by commercial banks for operations with digital assets.