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South Korea saw its first institutional digital assets sale following the start of its ban lift on institutional crypto transactions. The positive development came two days before the snap presidential elections, scheduled for June 3, 2025.

First Institutional Crypto Sale In South Korea

On Sunday, South Korean non-profit organization World Vision made the first digital assets sale by an institution in the country. In a statement from Dunamu, Upbit’s parent company, the crypto exchange announced that it had supported the historical first sale of 0.55 Ether (ETH) by a corporation for 1.98 million won, equivalent to $1,437.

Starting June 1, 2025, non-profit organizations, including charities and universities, are permitted to sell crypto holdings through local exchanges as part of the Financial Services Commission (FSC) roadmap for corporate participation in the digital asset market.

In February, the FSC’s Virtual Asset Committee announced it would gradually lift its ban on institutional investment in digital assets by allowing the creation of real-name accounts for institutions, starting with non-profits in Q2 2025.

In South Korea, real-name accounts are required for crypto investments, with only the accounts that have completed this verification under the Specified Financial Transaction Information Act being allowed to invest in digital assets. Nonetheless, the FSC had guided banks not to issue these accounts to corporations, limiting institutional crypto trading despite the absence of legal barriers or official bans.

As Dunamu revealed, World Vision was able to connect its K Bank corporate account to its Upbit account and successfully sold the Ethereum received as donations three months ago through the exchange’s KRW market.

Dunamu and the non-profit conducted a digital assets donation campaign in March, targeting Upbit users to purchase school uniforms, backpacks, and other essential items needed for the new school year for vulnerable teenagers who struggle to afford them.

Upbit’s parent company revealed its plan to continue supporting non-profit organizations to sell their digital assets received as donations while “adhering to guidelines established by financial authorities and the industry to establish a healthy virtual asset donation culture.”

Additionally, it announced it is preparing for the second phase of FSC’s roadmap, where qualified publicly traded companies and professional investors will be allowed to access the digital asset market in Q3 2025.

A New Era For Digital Assets?

This key development for the South Korean crypto industry will be followed by the June 3 snap presidential election to replace impeached president Yoon Suk-yeol, who attempted to declare martial law in December 2024.

Despite the outcome, digital asset investors in the country are expected to benefit, as the two major candidates vowed to implement industry-friendly policies to capture the nearly 18 million people who invest in digital assets in South Korea.

As reported by Bitcoinist, the People Power Party (PPP) candidate, Kim Moon-soo, announced he will allow spot crypto Exchange-Traded Funds (ETFs) if he wins. Kim vowed to push for approval of digital asset-based investment products and other financial policies to increase the wealth accumulation of the middle class.

Kim’s camp cited the increasing number of digital asset investors in the younger generations as a decisive factor for incorporating spot ETFs and the institutionalization of digital assets into the pledges’ list.

Meanwhile, the Democratic Party of Korea (DPK) candidate, Lee Jae-myung, also pledged to introduce spot crypto ETFs and lower digital assets transaction taxes in the country.

Lee promised to “create a safe virtual asset investment environment by establishing an integrated surveillance system” and “expand the cryptocurrency market while simultaneously strengthening investor protection.”

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Stablecoins have become a “political hot potato” ahead of next month’s presidential elections, South Korean media outlets wrote on May 12.

Aju Kyungjae quoted the Bank of Korea (BOK) as stating that it alone should have the legal authority to approve plans to launch a won-based stablecoin.

South Korean Central Bank: Stablecoin Showdown Ahead?

Koh Kyung-chul, the head of the BOK’s electronic finance unit, explained:

“Stablecoins would have a significant impact on the implementation of central bank policies such as monetary policy and financial stability, as well as payments and settlements.”

The bank official added that the BOK should be involved from the “initial” stage. This will ensure that “any negative impact on central bank policy is minimized,” Koh said.

Koh added that the BOK should also be granted input should lawmakers decide to create stablecoin-related legislation. The official explained:

“Legislation design is important. This will help build a stable and sustainable digital payment ecosystem.”

The BOK appears to be concerned that a won-pegged stablecoin could replace the demand for legal currency. This, it worries, could have a significant knock-on effect for monetary policy.

Bank officials say they are aware that US dollar-pegged stablecoins like Tether (USDT) are already being used in place of the dollar in cross-border trade operations.

The central bank has already spoken about stablecoins at length this year. In its payment and settlement report last month, the BOK warned:

“Stablecoins can infringe upon monetary sovereignty and undermine the effectiveness of monetary policy. A careful review is necessary before they are approved.”

Earlier this month, the BOK Governor Lee Chang-yong issued another stablecoin warning. The Governor said that USDT “and other stablecoins” would “likely bypass South Korean capital regulations and foreign exchange regulations.” Lee Chang-yong concluded that stablecoin regulation “is an urgent matter.”

However, the presidential frontrunner and Democratic Party candidate Lee Jae-myung recently claimed that South Korea “must create a won-based stablecoin market.”

The DP leader spoke about KRW-pegged coins. He said that South Korea must “enter the stablecoin market quickly” or risk an “outflow of national wealth.”

‘Terra Collapse Should Serve as a Warning’

Lee Jae-myung’s comments sparked a backlash from Lee Jun-seok, the candidate for the Reform Party. The latter accused the DP candidate of making “dangerous and experimental” economic promises.

He also said that Lee Jae-myung had failed to learn the lessons of the calamitous collapse of the Terra ecosystem and its KRW-pegged stablecoin in May 2022.

Lee Jun-seok said that his rival was “bandying plausible-sounding words” like “stablecoin” about “without understanding anything about the market.”

Several Lee Jae-myung allies have jumped to the frontrunner’s defence. An ex-DP MP accused the Reform Party leader of failing to “familiarize himself with the basic concepts of global financial regulation.”

Should Lee Jae-myung win power on June 3, he and his party may find themselves at loggerheads with the BOK.

The DP lawmaker Min Byung-deok last month unveiled a private member’s bill entitled the Digital Asset Basic Act (literal translation).

Min’s bill stipulates that the regulatory Financial Services Commission, not the BOK, should be given the sole authority to approve stablecoin issuances.

The post South Korean Central Bank Wades into Presidential Candidates’ Stablecoin Row appeared first on Cryptonews.

Per the South Korean newspaper Hanguk Kyungjae, Lee made a series of pledges to younger voters while speaking at an event in North Chungcheong Province on May 6. The candidate said:

“I will create a safer environment for investment. That will help young people build up their assets and plan for the future.”

South Korean Presidential Frontrunner: I Will Legalize BTC ETFs

Lee said his government would institutionalize crypto spot ETFs. He also said that he would build an integrated monitoring system to police the crypto sector.

And Lee pledged to “reorganize the market” under his leadership. He said that he would “bring about a reduction in crypto transaction fees.”

It is unclear at this stage exactly how Lee would seek to fulfil this promise. In South Korea, crypto exchanges are currently free to set transaction fees as they see fit.

However, Lee’s government, should he win on June 3, could theoretically seek to impose a cap on exchange transaction fees.

In recent months, exchanges like Bithumb have sought to boost trading volumes by offering their clients commission-free trading for limited periods.

These promotions have proved enormously popular among South Korean traders, with Lee’s camp possibly taking note.

Candidates Courting Younger Voters?

Money Today reported that analysts think Lee is trying to win over younger voters by making manifesto pledges about “issues that are very important to young people.”

Lee has been relatively quiet on crypto-related policy matters in the lead up to June’s poll. May 6’s comments are the first time he has spoken about his crypto stance on the campaign trail.

It is likely that his comments are a response to recent crypto pledges from Lee’s main rival in the polls, the ruling People Power Party (PPP)’s candidate Kim Moon-soon.

Earlier this month, Kim pledged to let South Korea’s state pension fund and the sovereign wealth fund make direct crypto investments.

The PPP has also rolled out seven crypto-related manifesto pledges ahead of June 3. The party says it plans to do away with restrictive banking rules for crypto exchanges.

How Sincere Are Crypto Manifesto Pledges?

Skeptics will likely cast a cautious eye on the two candidates’ comments. Hanguk Kyungjae noted that Lee’s Democratic Party pledged to green-light crypto spot ETFs ahead of last year’s legislative elections. The newspaper wrote:

“Although the party won a landslide victory in the election, there has been no significant progress made on the matter since then.”

Lee promised to build a “society that gives opportunities to young people.” He added: “A society that neglects young people will only regress.”

Recent opinion polls put Lee around 20 percentage points ahead of Kim, with almost 50% of popular support.

The election was sparked by the recent impeachment of President Yoon Suk-yeol, who unsuccessfully attempted to declare martial law in December 2024.

The post South Korean Presidential Frontrunner Pledges to Cut Crypto Transaction Fees appeared first on Cryptonews.

On March 13, 2025, WSJ said that Binance reached out to Trump’s family representatives in 2024 and offered a business agreement as part of a broader strategy to reopen Binance. The move also comes as Binance Ex-Ceo Changpeng Zhao is searching for a presidential pardon.

Criticizing the report, Zhao said, “felons should not worry about pardoning, especially the only person in US history to be sentenced to prison on a single BSA charge.”

The WSJ report also suggests that Trump could win stakes in Vinanence or use his crypto venture, World Liberty Financial (WLFI).

Breaking: Trump family is discussing for Binance’s interests in crypto exchange, sources say – WSJ$ bnb > 600 pic.twitter.com/fyp4bruzow

-hadlfm team (@hodl_fm) March 13, 2025

Explore: 10 Best AI Crypto Coins to Invest in 2025

Trump and Zhao criticize TSJ

4. Sorry for being disappointed. The WSJ article was incorrect.

Over 20 people have come to the WSJ (and another media) to say, “Can you confirm that CZ has made a deal for pardon?”

They asked perhaps hundreds of people to 20 people to reach out to me. in…https://t.co/elydpmkd3g

– CZ bnb (@cz_binance) March 13, 2025

In the case of Binance, this potential partnership represents an important opportunity to re-enter the US market after facing important regulatory challenges.

Zhao, who served in a prison for four months in the US after pleading guilty to violating anti-money laundering requirements, is pushing the Trump administration to pardon him. In the past, the company’s US division has plummeted from 27% to over 1% after regulatory measures.

Steve Witkoff, a longtime Trump friend who serves as a special envoy in the Middle East, has been involved in the negotiations.

Meanwhile, Trump has criticized the WSJ. “The Globalist Wall Street Journal doesn’t know what they’re doing or what they’re saying. They’re owned by the polluted thinking of the European Union, formed for the primary purpose of “smashing down” the United States,” Trump writes of the society of truth.

Explore: 10 coins with high returns: Crypto Forecast 2025

The Trump family, who spoke to Changpen Zhao for Binance’s interests while seeking a presidential pardon, first appeared in 99bitcoins.

A new bill is making its way through the US Congress, in a bid to stop politicians from launching their own cryptocurrency coins. This move comes after many investors lost money big-time on the TRUMP meme coin, which is associated with US President Donald Trump. The coin’s wild ride has made people wonder if politicians should be allowed to create and promote these kinds of financial assets.

The Rise And Fall Of TRUMP Coin

Last month, the TRUMP meme coin and another coin linked to Melania Trump became instant sensations. Both quickly hit huge milestones, boasting multi-billion-dollar valuations just hours after they debuted.

But the excitement didn’t last. The price of TRUMP coin took a nosedive. It fell more than 80% from its highest point. Many people who bought the coin ended up losing a lot of money. This situation has caught the attention of regulators and finance officials.

HOUSE DEMOCRATS INTRODUCE MEME ACT TO BAN OFFICIALS FROM PROMOTING CRYPTO MEME COINS

– In response to President Donald Trump’s recent launch of a meme coin, House Democrats have introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act.

– This legislation aims to… pic.twitter.com/cu4gM2o9wY

— BSCN (@BSCNews) February 27, 2025

A New Law Called The MEME Act

California Rep. Sam Liccardo is leading the charge with a new bill. It’s called the MEME Act, which stands for Modern Emoluments and Malfeasance Enforcement Act. The idea is simple: stop the President, Vice President, members of Congress, high-ranking government officials, and their families from endorsing, issuing, or sponsoring financial assets, including meme coins.

Liccardo believes that the Trump family took advantage of their political position to make money off these cryptocurrencies. He argues that they used their influence for personal gain. The goal of this law is to keep federal officials from profiting from digital assets. This includes things like stocks or cryptocurrencies. This is important because it could create conflicts of interest or open the door to corruption.

Worries About Trading And Foreign Influence

Liccardo is concerned about the possibility of insider trading. Also, he is worried about foreign influence over US politics. Cryptocurrencies have a global reach, which makes them vulnerable. The MEME Act is designed to prevent federal officials from using their positions to profit from these assets, thus keeping their interests aligned with the public good.

For example, if a politician knows about upcoming regulations that could affect the price of a cryptocurrency, they could use that information to make a profit before the public knows. This is unfair and erodes trust in government.

What’s Next For The Bill?

The MEME Act faces a tough road ahead. Republicans currently control both the House and the Senate. This means it will be difficult for the bill to gain support. However, Liccardo is determined to keep pushing the bill forward. He hopes to get wider support if Democrats gain a majority in the future.

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