The financial authorities will allow the sale of virtual assets by designated donation organizations, universities, and other non-profit corporations and virtual asset exchanges starting this June.
The Financial Services Commission held the 4th virtual asset committee meeting on the 1st and decided to permit the sale of virtual assets for non-profit corporations receiving donations and sponsorships only if they are 'external audit corporations with more than five years of experience.' It was also decided to establish an internal 'Donation Review Committee (tentative name)' to pre-review the appropriateness of donations and cash conversion plans.
To ensure smooth cash conversion, the target virtual assets for donations will be limited to those traded on 'three or more won exchanges,' and the donated virtual assets must be 'converted to cash immediately' as a principle. The Financial Services Commission noted, 'We will emphasize the establishment of a healthy donation culture and prevention of money laundering,' adding, 'We will only allow donations and transfers through domestic won exchange accounts.'
In the case of virtual asset exchanges, only those exchanges registered as virtual asset businesses under the 'Act on Reporting and Using Specific Financial Transaction Information' can sell virtual assets. Only sales transactions aimed at covering operational costs will be permitted. The target virtual assets for sale will be the 'top 20 by market capitalization among five won exchanges,' and the daily limit will be within 10% of the remaining sale amount. Additionally, a board resolution for the virtual asset sale plan and pre-disclosure obligations are required, as well as post-disclosure of the sale results.
The Financial Services Commission also instructed exchanges to establish their own criteria for 'zombie coins' with minimal transaction volume or market capitalization and 'meme coins' whose use or value is unclear. For example, if the average daily turnover rate is less than 1% for over 30 days and the global market capitalization is below 4 billion won, they will be classified as zombie coins, and support for transactions will be halted. Support for meme coins will only be permitted if they have a certain level of community membership or accumulated transactions, or if they have been traded on qualified foreign exchanges for a certain period.
In addition, to prevent the 'listing beam' phenomenon, a minimum liquidity requirement before trading will be enforced, and market orders will be restricted for a certain period after trading begins to provide a minimal buffer to reduce market volatility. The term 'listing beam' refers to the sudden surge in coin prices after listing, similar to a laser beam.
The Financial Services Commission stated, 'We plan to establish customer verification measures for virtual asset transactions of non-profit corporations and exchanges by May,' and added, 'We will also push forward without delay to announce plans for issuing real-name accounts for listed corporations and corporates registered as professional investors by the second half of the year.'