South Korea's Pension System Excludes Crypto Assets from Eligibility Calculations

A recent government audit in South Korea has highlighted an anomaly in the country's pension system. The audit found that cryptocurrencies are not taken into account when calculating eligibility for the basic pension.

This means that individuals with large amounts of cryptocurrency holdings may be able to receive benefits even if they have significant wealth. The audit notes that this creates a fairness concern, as eligibility can differ depending on how assets are held.

The Board of Audit and Inspection has notified the Ministry of Health and Welfare that revisions to the Basic Pension Act are needed to include crypto assets in the asset calculation.