South Korea revises debt relief rules to include crypto assets

cryptonews06-26 16:39

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 ...

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href=https://crypto.news/south-korea-revises-debt-relief-rules-to-include-crypto-assets/><strong>cryptonews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>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 ...</p>\n\n<a href=\"https://crypto.news/south-korea-revises-debt-relief-rules-to-include-crypto-assets/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"DAPP","symbol_name":"VanEck Digital Transformation 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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  that it would revise the New Start Fund, a debt restructuring program for small business owners and self employed borrowers, to strengthen property assessments, debt adjustment standards, and post approval monitoring.Applicants identified as users of South Korea’s five major won based cryptocurrency exchanges have been required to submit virtual asset balance certificates since January after ","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"DAPP":"VanEck Digital Transformation ETF","BITQ":"Bitwise Crypto Industry Innovators ETF","DIME":"CoinShares Altcoins ETF","BITW":"Bitwise 10 Crypto Index ETF","STCE":"Schwab Crypto Thematic ETF","GDLC":"Grayscale CoinDesk Crypto 5 ETF","CRPT":"First Trust SkyBridge Crypto Industry and Digital Economy ETF","LFGY":"YieldMax Crypto Industry and Tech Portfolio Option Income ETF","TEKX":"SPDR Galaxy Transformative Tech Accelerators ETF","NCIQ":"HASHDEX NASDAQ CRYPTO INDEX US ETF","BKCH":"AdvisorShares Sabretooth ETF"},"translate_title":"韩国修改债务减免规则将加密资产纳入其中","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DAPP":1.5,"BKCH":1.5,"BITW":1.5,"DIME":1.5,"GDLC":1.5,"CRPT":1.5,"STCE":1.5,"LFGY":1.5,"TEKX":1.5,"NCIQ":1.5,"BITQ":1.5},"content_text":"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.\n\n\nSummary\n\n\n\nSouth Korea will include crypto holdings in New Start Fund asset reviews.\nApplicants using major won-based exchanges must submit virtual asset balance certificates.\nDebt relief will be reduced for borrowers with stronger repayment capacity.\n\n\n\nAccording 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 restructuring program for small business owners and self employed borrowers, to strengthen property assessments, debt adjustment standards, and post approval monitoring.\nAuthorities will now examine investment assets such as cryptocurrencies and unlisted shares that were previously difficult to verify through financial statements and government administrative records. The commission said the changes aim to distribute public support more efficiently and prevent unnecessary spending.\nApplicants identified as users of South Korea’s five major won based cryptocurrency exchanges have been required to submit virtual asset balance certificates since January after the government reached agreements with the exchanges. KAMCO uses the documents during property assessments to determine eligibility for debt relief.\nOfficials also began requiring applicants to disclose holdings of unlisted shares in May. Shares in privately held companies operated directly by the applicant remain excluded from property reviews because authorities considered the need to preserve business income.\nDebt relief tied to repayment capacity\nThe Financial Services Commission said debt forgiveness under the New Start Fund will depend more closely on each applicant’s repayment ability.\nCurrent rules allow principal reductions of 60% to 80% for unsecured debt that has remained delinquent for more than 90 days, with low-income and vulnerable borrowers eligible for reductions of up to 90%. The commission said the existing minimum reduction left limited room to distinguish borrowers with stronger repayment capacity.\nBorrowers whose repayment capacity exceeds 100% will now face a minimum principal reduction of 30% instead of 60%. Authorities will lower debt relief by between 5 and 30 percentage points, depending on repayment ability.\nAmendments to South Korea’s Credit Information Act, which take effect on Aug. 13, will allow government debt restructuring agencies to obtain property information in bulk. The Financial Services Commission said authorities will receive cryptocurrency and unlisted share data regularly from relevant institutions to verify applicants’ asset declarations after debt restructuring approvals.\nSouth Korea has introduced several digital asset policy measures this month beyond the New Start Fund revisions. \nThe Financial Services Commission recently proposed expanding its regulatory sandbox to cover digital asset laws, while the government has also approved a licensing framework for cross-border virtual asset transfers that will take effect in December. \nAuthorities have introduced these measures as digital asset activity continues to grow across South Korea’s financial sector. As previously reported by crypto.news, cryptocurrency-based overseas remittances increased 380% over the past three years as banks and fintech firms have continued to develop blockchain-based payment infrastructure.\n\n\n\n\n\n                Read more:\n            \n\n                Metaplanet stock hits 52-week low despite 40,177 BTC treasury","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.44.0","shortVersion":"4.44.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2646512330","isCrawlerRequest":true}