#SouthKorea To Open Venture Benefits to #Crypto Firms After Six-Year Ban


South Korea's startup ministry has proposed amendments to allow crypto companies to register as venture businesses for the first time since 2018.


Virtual asset trading and brokerage providers were previously banned, alongside gambling facilities, from receiving government venture certification.


The reclassification would grant crypto firms access to tax cuts, financial support, and other government subsidies.


Dunamu, parent company of Upbit exchange, faced an $18 million tax burden in 2018 when its venture status was revoked.


The move aligns with pro-crypto President Lee Jae Myung's initiatives, including Korean won-based #stablecoins and lifting the ban on #crypto #ETFs.


Major payment firms and banks have rushed to trademark stablecoin ticker symbols following Lee's election last month.


The ministry stated the change will "revitalize and broaden the venture ecosystem and accelerate growth of the virtual asset industry."

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July 09, 2025 at 1:37 PM