The South Korean government has distributed $15 million in debt relief funds, originally intended to support small businesses, to cryptocurrency holders.
PANews reported on December 17th that, according to DL News, an audit by the Financial Supervisory Service of Korea found that the "New Start Fund," designed to help small businesses struggling after the pandemic, provided over $15 million in debt relief to 269 individual cryptocurrency traders. The audit revealed that one individual who received $62,350 in debt relief (a 77% reduction) held approximately $307,000 worth of cryptocurrency at the time.
Financial Services Commission Chairman Shin Jin-chang stated that the screening criteria for beneficiaries will be strengthened, but acknowledged that only legal amendments can fundamentally prevent such situations. Currently, the fund operator, Korea Asset Management Corporation (KAMCO), cannot proactively inquire whether applicants hold crypto assets unless they voluntarily declare it. A proposed amendment currently under review in the National Assembly, if passed, would authorize KAMCO to verify beneficiaries' holdings of unlisted stocks and crypto assets without their consent. In recent years, South Korea has gradually authorized tax and local government departments to inquire about and freeze the crypto assets of citizens with outstanding taxes and fees.
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