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South Korea's "New Start Fund" includes crypto assets in debt relief review.

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ME News reports that on June 26 (UTC+8), the South Korean government is improving the "New Start Fund," a debt adjustment program for small business owners and sole proprietors, by incorporating virtual assets into the review process. Under the revised system, the debt relief rate will be adjusted based on the applicant's repayment ability, which now considers their crypto asset holdings. Previously, the fund mainly verified debtors' income and assets through financial statements submitted by applicants and data accessible via the public administrative information network, which made it difficult to identify such investment assets. To address this issue, since January of this year, the fund has been utilizing virtual asset balance certificates in property assessments after consultations with the five major Korean won-denominated cryptocurrency exchanges. Applicants who are identified as members of these exchanges are now required to submit these certificates directly. (Source: PANews)
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