South Korea's New Start Fund, designed to support small businesses struggling post-pandemic, has provided approximately $15 million in debt relief to 269 individual cryptocurrency traders. An audit revealed that some beneficiaries held significant crypto assets while receiving aid. One case involved a recipient who received $62,000 in debt relief while holding $307,000 in crypto assets. The Financial Services Commission plans to tighten beneficiary screening but acknowledges the current system's limitations in detecting crypto holdings unless voluntarily disclosed.
South Korea's New Start Fund Grants $15 Million Debt Relief to Crypto Traders
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