PANews reported on December 17th that, according to DL News, an audit by the Financial Supervisory Service of Korea found that the "New Start Fund," designed toPANews reported on December 17th that, according to DL News, an audit by the Financial Supervisory Service of Korea found that the "New Start Fund," designed to

The South Korean government has distributed $15 million in debt relief funds, originally intended to support small businesses, to cryptocurrency holders.

2025/12/17 09:17
1 min read
For feedback or concerns regarding this content, please contact us at crypto.news@mexc.com

PANews reported on December 17th that, according to DL News, an audit by the Financial Supervisory Service of Korea found that the "New Start Fund," designed to help small businesses struggling after the pandemic, provided over $15 million in debt relief to 269 individual cryptocurrency traders. The audit revealed that one individual who received $62,350 in debt relief (a 77% reduction) held approximately $307,000 worth of cryptocurrency at the time.

Financial Services Commission Chairman Shin Jin-chang stated that the screening criteria for beneficiaries will be strengthened, but acknowledged that only legal amendments can fundamentally prevent such situations. Currently, the fund operator, Korea Asset Management Corporation (KAMCO), cannot proactively inquire whether applicants hold crypto assets unless they voluntarily declare it. A proposed amendment currently under review in the National Assembly, if passed, would authorize KAMCO to verify beneficiaries' holdings of unlisted stocks and crypto assets without their consent. In recent years, South Korea has gradually authorized tax and local government departments to inquire about and freeze the crypto assets of citizens with outstanding taxes and fees.

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact crypto.news@mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

The Role of Reference Points in Achieving Equilibrium Efficiency in Fair and Socially Just Economies

The Role of Reference Points in Achieving Equilibrium Efficiency in Fair and Socially Just Economies

This article explores how a simple change in the reference point can achieve a Pareto-efficient equilibrium in both free and fair economies and those with social justice.
Share
Hackernoon2025/09/17 22:30
Cryptos Signal Divergence Ahead of Fed Rate Decision

Cryptos Signal Divergence Ahead of Fed Rate Decision

The post Cryptos Signal Divergence Ahead of Fed Rate Decision appeared on BitcoinEthereumNews.com. Crypto assets send conflicting signals ahead of the Federal Reserve’s September rate decision. On-chain data reveals a clear decrease in Bitcoin and Ethereum flowing into centralized exchanges, but a sharp increase in altcoin inflows. The findings come from a Tuesday report by CryptoQuant, an on-chain data platform. The firm’s data shows a stark divergence in coin volume, which has been observed in movements onto centralized exchanges over the past few weeks. Bitcoin and Ethereum Inflows Drop to Multi-Month Lows Sponsored Sponsored Bitcoin has seen a dramatic drop in exchange inflows, with the 7-day moving average plummeting to 25,000 BTC, its lowest level in over a year. The average deposit per transaction has fallen to 0.57 BTC as of September. This suggests that smaller retail investors, rather than large-scale whales, are responsible for the recent cash-outs. Ethereum is showing a similar trend, with its daily exchange inflows decreasing to a two-month low. CryptoQuant reported that the 7-day moving average for ETH deposits on exchanges is around 783,000 ETH, the lowest in two months. Other Altcoins See Renewed Selling Pressure In contrast, other altcoin deposit activity on exchanges has surged. The number of altcoin deposit transactions on centralized exchanges was quite steady in May and June of this year, maintaining a 7-day moving average of about 20,000 to 30,000. Recently, however, that figure has jumped to 55,000 transactions. Altcoins: Exchange Inflow Transaction Count. Source: CryptoQuant CryptoQuant projects that altcoins, given their increased inflow activity, could face relatively higher selling pressure compared to BTC and ETH. Meanwhile, the balance of stablecoins on exchanges—a key indicator of potential buying pressure—has increased significantly. The report notes that the exchange USDT balance, around $273 million in April, grew to $379 million by August 31, marking a new yearly high. CryptoQuant interprets this surge as a reflection of…
Share
BitcoinEthereumNews2025/09/18 01:01
Japanese Bitcoin Giant Metaplanet Raises $1.4 Billion to Enter U.S. Market

Japanese Bitcoin Giant Metaplanet Raises $1.4 Billion to Enter U.S. Market

Metaplanet, Japan's largest corporate Bitcoin holder, has completed a massive $1.4 billion fundraising round and launched new subsidiaries in Miami and Tokyo. The Tokyo-listed company more than doubled its initial fundraising target, attracting major institutional investors including sovereign wealth funds.
Share
Brave Newcoin2025/09/18 05:15