South Korea to Implement New Regulations on Virtual Asset Sales by Nonprofits

According to Odaily, the South Korean Financial Services Commission has announced that starting in June, nonprofit organizations and virtual asset exchanges will be permitted to legally sell their virtual assets. This is contingent upon the establishment of internal review mechanisms and enhanced anti-money laundering checks. Nonprofit organizations receiving cryptocurrency donations must convert these assets into cash immediately, with transactions limited to mainstream cryptocurrencies on Korean won exchanges. Additionally, from June 1, the government will enforce new regulations requiring newly listed cryptocurrencies to have a minimum circulation volume and will restrict market price orders at the initial listing stage. These measures aim to prevent 'pump and dump' schemes and the speculation of zombie and meme tokens.