Upbit collaborates with Community Chest of Korea to promote digital asset donation culture

South Korean cryptocurrency exchange Upbit announced on the 20th that it has signed a memorandum of understanding (MOU) with the Community Chest of Korea (also known as the Fruit of Love), a non-profit organization, to invigorate the digital asset donation culture.

The signing ceremony was held on the 19th at the 6th-floor main conference room of the Community Chest of Korea building in Jung-gu, Seoul. The event was attended by Dunamu CEO Seok-Woo Lee, Community Chest of Korea Chairman Byung-Jun Kim, and other stakeholders.

Earlier this year, financial authorities unveiled a roadmap to permit corporations' participation in the digital asset market and announced that corporate digital asset accounts would be gradually allowed. As a result, nonprofit corporations are now allowed to trade digital assets. In the second half of the year, listed corporations and specialized investment corporations, except for financial companies, are also expected to be able to trade digital assets. As corporate participation in the market grows, a comprehensive shift toward digital asset-centered corporate donation culture is anticipated, moving beyond cash and tangible asset-focused donations.

The partnership between Upbit and Community Chest of Korea was established to proactively respond to upcoming changes and to lead next-generation digital asset donation culture.

Through this agreement, the Community Chest of Korea plans to develop and distribute internal control standards and guidelines for opening exchange accounts to support domestic nonprofit corporations' participation in the digital asset market and their donation and receipt of assets. To this end, Upbit will actively support compliance consulting and digital asset education for nonprofit executives and employees. Going forward, both organizations will continue to discover diverse social contribution activities utilizing blockchain technology and digital assets, and to create exemplary precedents in the market through mutual trust and cooperation.

Dunamu CEO Seok-Woo Lee said, "The use of digital assets by nonprofits is another leap for 'technology' and a new definition of 'sharing.' We will continue to explore the diverse possibilities that technology offers and strive to contribute beneficially to our society and future generations."

Byung-Jun Kim, Chairman of the Community Chest of Korea, said, "A new culture of giving through digital assets is a sustainable form of social contribution that future generations can relate to. This partnership with Upbit will serve as a starting point connecting the value of digital technology and sharing."