South Korea to Include Cryptocurrency Firms in Venture Business Support

According to PANews, South Korea is set to lift restrictions on cryptocurrency trading and brokerage companies, allowing them to be recognized as venture businesses. This change will enable these firms to benefit from government support policies aimed at fostering venture enterprises. On July 9, the Ministry of SMEs and Startups announced plans to amend the implementation details of the Special Act on the Promotion of Venture Businesses. In 2018, South Korea had broadened the scope for venture business recognition, excluding only five industries such as entertainment and gambling. However, cryptocurrency trading was temporarily excluded, leading to dissatisfaction within the crypto industry, which felt it was being treated as a special category. With the evolving policy environment, the South Korean government has decided to reintegrate cryptocurrency trading and brokerage into the venture business category. This will allow these companies to access benefits such as tax reductions and financing support.