South Korea Lifts Ban on Crypto Firms Applying for Venture Status
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.
Ted Koo, an attorney at law firm LIN, told Cointelegraph in July that advantages to…
