Lee Kwang-jae (a Korean lawmaker) has stated that he will begin accepting cryptocurrency donations in the middle of January 2022. The lawmaker stated that anyone who wishes to support his campaign can do so by transferring funds directly to his office wallet.

The Korean Times report explains that once the crypto is received, it will be converted to Korean won and deposited into the sponsor’s account. According to the report, receipts for such donations will come in the form non-fungible tokens and be sent to the email address of the donor.

Kwang-jae, a member of Korea’s ruling Democratic Party of Korea, explained his reasons for accepting digital currency donations. He claimed that it will raise awareness about NFTs and crypto assets. He explained:

It has been a deeply regrettable experience for me that politicians have had an outdated view of digital assets at a critical time when the blockchain technologies used to create cryptocurrencies, NFTs, and the metaverse are rapidly improving day by day.

According to the lawmaker, now is a good time to conduct innovative experiments to improve understanding by Korean politicians of future technologies. According to the report the lawmaker hopes that these experiments will eventually help change public perceptions regarding digital currencies and NFTs.

Kwang-jae cannot receive more than $8,420, or 10 million Korean won, as crypto donations are still being accepted. Sponsors can only give digital assets worth no more than $842.

Growing Criticism of Korea’s Crypto Regulations

Kwang-jae’s plan to accept cryptocurrency donations is a result of increased regulatory pressure from the South Korean government.

The lawmaker’s decision not to accept cryptocurrency donations comes amid reports that local stakeholders have intensified their criticisms of financial watchdogs.

Stakeholders criticize Korea’s strict regulations. They claim that this regulatory regime will prevent Korea from being a leader in the emerging financial sector.