I somehow missed this completely. I have hosted several guests from South Korea, but I guess not since I have switched to the Strict cancellation policy. I only became aware of the different policy for South Korean guests today when I went to accept a reservation request from a guest living in Germany. Seems the policy still applies regardless of where the guest is residing.
Anyway, I had to tell her sorry, but I couldn't accept the reservation for that reason. It's during peak season (August) and I cannot see why I should have to give a 50% refund to a guest that cancels right before or even during their stay! This policy would mean I would be less protected from last minute cancellations than if I had a Moderate one on the listing. No way.
This is a shame though as, like I said, I've hosted many guests from South Korea in the past and would be happy to continue doing so otherwise.