- Auditors found one debt relief recipient was holding crypto worth $307,000.
- Regulators say legal changes will prevent further instances.
- Fund set up to help struggling businesses in wake of COVID-19 pandemic.
The South Korean government provided 269 individual crypto traders with over $15 million in debt relief from a fund intended to help small companies.
The Financial Services Commission has vowed to overhaul selection processes after the Board of Audit and Inspection audited the operations of the New Start Fund.
“We will strengthen the selection criteria for potential recipients of New Start support,” said Shin Jin-chang, chair of the regulatory Financial Services Commission, per the South Korean news agency Yonhap.
However, despite…