South Korea to Classify Crypto Firms as Venture Companies, Unlocking Government Perks
2025-07-09 06:35:26
Main Idea
South Korea is reclassifying crypto trading and brokerage firms as 'venture companies,' granting them access to government subsidies and tax incentives, reversing a 2018 policy that excluded blockchain firms from such support.
Key Points
1. South Korea plans to classify crypto trading and brokerage firms as 'venture companies,' providing them with government subsidies, tax incentives, and financial support.
2. This move reverses a 2018 policy that excluded blockchain-based firms from government-backed support, previously categorizing them similarly to gambling venues and nightclubs.
3. The reclassification aims to legitimize South Korea’s digital asset sector and support the growth of the virtual asset industry.
4. President Lee Jae Myung has advocated for lifting restrictions on crypto ETFs and institutional investments, with the FSC proposing a framework for spot crypto ETFs.
5. The FSC is also working on regulatory frameworks for won-based stablecoins, expected in the second half of 2025.
Description
South Korea is moving to reclassify crypto trading and brokerage firms as “venture companies,” a status that would grant them access to government subsidies, tax incentives, and financial support. Key Takeaways: South Korea plans to reclassify crypto firms as venture companies, granting them access to state benefits. The move would reverse a 2018 policy that excluded blockchain firms from government-backed support. The proposal reflects a broader shift under President Lee to integrate crypto int...
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