South Korea Reclassifies Crypto Businesses as ‘Venture Firms’, Saving Millions in Tax Breaks for Crypto Sector
2025-07-10 14:52:33
Main Idea
South Korea has reclassified cryptocurrency businesses as 'venture firms', providing them with tax breaks and financial support to foster industry growth and economic contribution.
Key Points
1. The Ministry of SMEs and Startups reclassified crypto businesses as 'venture firms', offering tax breaks and financial incentives.
2. This change allows crypto exchanges to be classified as venture firms instead of Virtual Asset Service Providers, creating new opportunities.
3. Companies like Dunamu could benefit significantly, with potential tax savings of up to $18 million.
4. The move aligns with South Korea's goal to expand its cryptocurrency market, supported by President Lee Jae Myung's policies.
5. The reclassification marks a shift in South Korea's approach to crypto, previously excluding virtual assets from venture status.
Description
South Korea announced plans to allow crypto businesses to be classified as venture companies, opening up a large list of benefits for the crypto industry.
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