PANews June 26 news, according to Yonhap News, the South Korean government is improving the debt adjustment program “New Start Fund” aimed at small business owners and self-employed individuals, incorporating virtual assets into the review process. Under the revised system, the debt relief rate will be adjusted based on the applicant’s repayment ability, and the assessment of repayment ability now takes into account their crypto asset holdings.

Previously, the fund mainly verified the debtor’s income and assets through financial statements submitted by the applicant and data obtainable from public administrative information networks, a method that made it difficult to identify such investment assets. To address this issue, the fund has been using virtual asset balance certificates in property evaluations since January this year, after consultations with South Korea’s five major won-market crypto exchanges. Applicants confirmed to be members of the aforementioned exchanges must now directly submit these certificates.