South Korea's Ministry of SMEs and Startups has officially revised the Venture Business Act, removing a key barrier that prevented cryptocurrency firms from being classified as venture companies, a local publication reported.
The change, announced on Tuesday and set to take effect on September 16, will allow cryptocurrency trading and brokerage firms to apply for certification that grants them access to tax breaks, R&D grants, and financial support.
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This change ends a policy enacted in 2018 due to concerns about market speculation.
The ministry cited the growing global importance of the industry and improved user protection measures as the main reasons for reversing the policy.