South Korea to include crypto, overseas assets in pension eligibility

The South Korean government is moving to reform its Basic Pension system to include overseas and virtual assets when determining eligibility, Edaily reported. The measure is designed to prevent high-net-worth individuals from exploiting loopholes to receive payments and to enhance the fairness of the system. Currently, assessments primarily focus on domestic assets, making it difficult to track holdings such as overseas financial assets or cryptocurrencies like Bitcoin. The government is now pursuing an amendment to the Basic Pension Act that would mandate the reporting of foreign income and assets and strengthen links to tax information.