World Vision is the first NGO in South Korea to accept virtual assets. Announced that donation in cryptocurrencies It has been enabled.
According to the official website, the charitable organization has partnered up with the Giving Block. It accepts over 70 cryptos as donations, including Bitcoin, Ethereum, or other ERC-20-based tokens.
All donated funds will go to a special charity project that aids underprivileged children worldwide.
Local media outlets reported that the partnership allows the NGO become the first charity institution in the world to receive virtual assets as donations.
World Vision will issue sponsorship certificates containing non-fungible tokens (NFTs), in order to thank donors for their generosity. The charity will also offer donors the chance to win a special NFT, which it has created in partnership with Son Heung-min, the South Korean soccer star. According to reports, these NFTs are expected to be created on the Ethereum blockchain network.
“We have prepared a digital asset sponsorship site to ensure transparency and reliability in the execution of donations. We will take the lead in expanding the blockchain-based donation culture to help more vulnerable children,” said Cho Myung-hwan, Chairman of World Vision.
Capital gain could result in tax being assessed to taxpayers. According to the official website, the IRS (Internal Revenue Service of the US), cryptocurrencies are considered property. Crypto donations to 501(c(3) charities will receive the same tax treatment that stocks. Donating cryptocurrency is non-taxable. This means that you don’t owe capital gains taxes on the appreciated amount. You can also deduct it from your taxes.
Previously, South Korea’s parliament postponed the proposal of imposing a 20% crypto tax for capital gain until 2025.
South Korea aims at developing a crypto and Web3.0 ecosystem
It is one of Asia’s most crypto-friendly countries. Crypto trading and custody were legalized in the country.
Numerous major companies have expressed an interest in establishing a crypto-related exchange within the country. Samsung Securities, Mirae Asset Securities and five other large brokerage companies applied for preliminary approval to run an exchange in the first half 2023.
President Yoon proposed developing the Digital Asset Basic Act. He plans to present it to legislators by 2023. Provide a complete regulation of the industry before introducing taxes.
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