Korbit Preparing Virtual Asset Selling Solution for Non-Profit Organizations and Exchanges

On May 8, Korbit announced that it is preparing a virtual asset selling solution for non-profit organizations and virtual asset exchanges.

This solution is being prepared in accordance with the decision made at the 4th Virtual Asset Committee meeting held by the Financial Services Commission on May 1. Starting next month, non-profit organizations and virtual asset exchanges that meet certain requirements will be able to sell virtual assets.

For non-profit organizations, they must meet conditions such as qualifying as a donation organization, receiving an unqualified audit opinion, and having been established for more than five years. The tradable assets are virtual assets that are supported for trading on at least three domestic KRW-based exchanges.

For virtual asset exchanges, sales are only permitted for purposes such as tax payments or covering operating expenses. In addition, selling through their own exchange is prohibited, and regulations regarding distributed selling methods and volume limits will apply.

Korbit is preparing an optimal selling solution to ensure the safe management of corporate assets. Detailed information regarding corporate membership registration and the application process will be provided separately at a later date.

Currently, corporate membership registration and applications can be made through Korbit's official website. Procedures for consultation with a representative and document submission have been established.