South Korea crypto firms get ‘venture company’ status next week

South Korea’s Minister of SMEs and Startups, Han Seong-sook, said the regulatory change could stimulate growth in crypto and blockchain technologies.

South Korea is reportedly lifting restrictions that have prevented crypto businesses from qualifying as venture companies, giving them new access to tax breaks and financing support. 

During a cabinet meeting on Tuesday, South Korea’s Ministry of SMEs and Startups said it had passed a partial revision to the Enforcement Decree of the Venture Business Act to remove the restrictions on virtual asset trading and brokerage businesses, according to South Korean news outlet the KoreaTechDesk.

The change, slated to take effect on Sept. 16, will allow crypto firms to apply for venture certification, which opens up options for tax breaks and financial support.

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