South Korea witnessed its first institutional digital asset sale following the lifting of its ban on institutional crypto transactions. This positive development occurred on Sunday, just two days before the snap presidential elections scheduled for June 3, 2025, according to Bitcoinist.
On Sunday, South Korean non-profit World Vision made the inaugural digital asset sale by an institution in the country. Dunamu, Upbit's parent company, supported the sale of 0.55 Ether (ETH) for 1.98 million won, equivalent to $1,437, according to their statement.
Starting June 1, 2025, non-profits can sell crypto holdings through local exchanges per the Financial Services Commission (FSC) roadmap. Dunamu revealed that World Vision connected its K Bank account to Upbit and sold Ethereum received as donations three months prior.
Upbit's parent company plans to continue supporting non-profits in selling digital assets received as donations. They are also preparing for the second phase of the FSC's roadmap, allowing qualified publicly traded companies and professional investors to access the digital asset market in Q3 2025.
The June 3 snap presidential election follows the impeachment of former president Yoon Suk-yeol. Both major candidates have pledged industry-friendly policies to attract the nearly 18 million crypto investors in South Korea.
People Power Party (PPP) candidate Kim Moon-soo announced he would allow spot crypto Exchange-Traded Funds (ETFs) if elected. Democratic Party of Korea (DPK) candidate Lee Jae-myung also pledged to introduce spot crypto ETFs and lower digital asset transaction taxes.