South Korea's New Start Fund Now Considers Crypto Holdings in Debt Relief Reviews

The South Korean government has made changes to its debt adjustment program 'New Start Fund' for small business owners and individual entrepreneurs. The fund now includes virtual assets in the review process for debt relief. This change allows the assessment of repayment ability to consider an applicant's holdings of cryptocurrency assets, which was not previously possible.

According to the Korea Herald, the revised system adjusts the debt relief rate based on the applicant's repayment ability. The fund has been working with five major Korean won market cryptocurrency exchanges since January this year to obtain virtual asset balance certificates for property assessments. Applicants who are members of these exchanges must submit these certificates directly.