South Korea to Allow Nonprofits, Exchanges to Sell Cryptocurrency Under New FSC Rules

CoinRank News: The Financial Services Commission (FSC) of South Korea announced that it will allow non-profit organizations and virtual asset exchanges to sell their cryptocurrencies from June, while tightening the rules for listing exchange tokens. Non-profit organizations must meet conditions such as at least five years of audited operating records and the establishment of a donation review committee, and can only accept tokens listed on at least three Korean won exchanges and must sell them immediately. Exchanges are limited to raising operating funds for the sale of cryptocurrencies, with daily sales limits and prohibiting trading through their own platforms. Only the top 20 tokens in terms of market value are allowed to be traded, and anti-money laundering standards must be followed. The FSC also strengthened the review of listings, requiring local exchanges to filter out zombie coins with too low trading volume or market value, and set higher listing thresholds for meme coins, such as user base or trading history, to curb price fluctuations and strengthen investor protection. The FSC said the new rules are a policy adjustment after the ban on institutional trading of cryptocurrencies in 2017, aimed at balancing regulation and market flexibility, and plans to extend the rules to corporate and institutional investors by the end of 2025. (CoinDesk)