South Korea to check crypto, financial assets in debt adjustment reviews

Government-backed debt adjustment programs in South Korea, such as the New Leap Fund and the Fresh Start Fund, will now additionally check debtors' financial and virtual asset holdings when assessing their repayment ability, Yonhap News reported. South Korea’s Financial Services Commission announced that a revision to the Credit Information Use and Protection Act, which includes these new measures, has passed a plenary session of the National Assembly. Previously, repayment assessments primarily focused on real estate and tax information. The change comes amid calls for more thorough asset reviews to prevent moral hazard.