South Korea will lift restrictions on the sale of virtual assets by non-profit legal entities and exchanges in June

The Financial Commission of South Korea announced on May 4 that it will allow non-profit legal persons and virtual asset exchanges to sell virtual assets from June this year. According to the latest guidelines, external audit legal persons with more than 5 years of business history can conduct virtual asset transactions, but an internal "donation review committee" is required. Virtual assets received by non-profit legal persons must be liquidated immediately and are limited to assets listed on more than 3 Korean won exchanges. On the exchange side, the sale is limited to operating expenses and daily trading limits must be observed to minimize market impact. The new regulations will be implemented from June 1 and aim to regulate market order and prevent risks such as "listing flash crashes".