South Korea has expanded cryptocurrency disclosure requirements for its public debt relief program by including virtual asset holdings in applicant asset reviews and linking debt forgiveness more closely to repayment capacity.
Summary
- South Korea will include crypto holdings in New Start Fund asset reviews.
- Applicants using major won-based exchanges must submit virtual asset balance certificates.
- Debt relief will be reduced for borrowers with stronger repayment capacity.
According to local media, the Financial Services Commission said after a June 25 review meeting with the Korea Asset Management Corporation (KAMCO) that it would revise the New Start Fund, a debt…