South Korea Plans to Classify Crypto Firms as Startups, Granting Tax Breaks and Policy Incentives

ChainCatcher reports, according to TheBlock, South Korea's Ministry of SMEs and Startups announced today that it plans to amend the "Special Act on the Promotion of Venture Businesses" to allow virtual asset trading and brokerage service providers to register as "venture businesses." This move will enable crypto companies to benefit from tax breaks, financing support, and other policy incentives.

Under current regulations, since 2018, crypto companies have been excluded from venture business certification and are classified as restricted industries alongside bars, nightclubs, and similar establishments.