Woofun AI reports that Representative Seo Young-seok of the Health and Welfare Committee introduced a bill on June 29 to amend South Korea's Basic Pension Act. The legislation mandates the inclusion of virtual assets and specific overseas financial holdings when calculating income for pension eligibility. Current regulations determine qualification based on income and property assessments but explicitly exclude cryptocurrencies and certain foreign accounts from these evaluations. Representative Seo argued that this exclusion creates systemic inequities, allowing individuals with substantial digital wealth to qualify for benefits reserved for lower-income seniors. The proposed amendment seeks to establish a comprehensive evaluation of an applicant's total financial resources to ensure fairness. If enacted, the bill will require pension applicants to fully disclose their holdings in virtual assets and overseas accounts. This disclosure requirement could result in reduced or eliminated benefits for applicants possessing significant wealth in these excluded forms. Per Woofun AI, the policy targets a notable segment of the elderly population in a nation with one of the world's highest cryptocurrency adoption rates. The move aligns with global trends where governments integrate digital assets into existing welfare and financial frameworks to close regulatory loopholes. By capturing crypto assets, the government aims to direct the basic pension safety net strictly to those with genuine financial need rather than those appearing asset-poor on paper. This legislative step represents a significant effort to regulate and integrate cryptocurrencies into South Korea's mainstream social systems. As the bill advances through the National Assembly, it is expected to spark debate regarding privacy, asset valuation, and the definition of wealth in the digital age. The outcome may set a precedent for other nations addressing similar intersections between cryptocurrency and social welfare.