• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

South Korea Amends Legislation to Support Crypto Firms

user avatar

by Giorgi Kostiuk

6 hours ago


South Korea has amended its venture business law to include crypto firms. This aims to support and develop the virtual asset market.

Crypto Firms Gain Venture Status

The Ministry of SMEs and Startups in South Korea has amended legislation to recognize crypto firms as eligible venture companies. This change offers additional support and benefits to firms like Dunamu, the parent company of Upbit. According to the Ministry, "The recognition of innovative, business-viable Virtual Asset Service Providers (VASPs) as venture companies ... will revitalize and broaden the venture ecosystem and accelerate the growth of the virtual asset industry."

Tax Relief for Crypto Exchanges

Crypto firms can now access tax reductions, subsidies, and funding previously available only to SMEs. This legislative shift might enhance investor confidence and economic growth, benefiting key exchanges like Upbit and Bithumb.

2018 Exclusion Reversed for Tech Growth

In 2018, crypto firms lost their venture status, incurring higher taxes. This recent amendment counters the prior exclusion and aligns with South Korea's strategy for tech growth. Historical trends suggest this could bolster the crypto market, leading to increased institutional participation and a stronger venture environment.

The legislative changes support the development of the cryptocurrency industry in South Korea, providing new tax and funding opportunities. This step may play a significant role in rekindling interest in virtual asset sectors.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

AES Corporation Considers Sale Amid Investor Interest

chest

AES Corporation is exploring strategic options, including a potential sale, in response to growing interest from major investors.

user avatarGiorgi Kostiuk

MiniPay and the New cUSD Stablecoin on Opera Platform Transforming Africa's Financial Landscape

chest

MiniPay, led by Charles Hamel, expands access to stablecoins in Africa using cUSD to enhance financial stability.

user avatarGiorgi Kostiuk

Changing Mortgage Rules: Bitcoin as Collateral in the U.S.

chest

The U.S. is exploring the potential use of Bitcoin in mortgage lending. This new approach may reshape the housing market and expand its possibilities.

user avatarGiorgi Kostiuk

USDT0 on Unichain: Historic Milestone and Growth in Popularity

chest

The total issuance of USDT0 on Unichain has surpassed 200 million tokens, ranking third in cross-chain volume. Discover the latest developments in the ecosystem.

user avatarGiorgi Kostiuk

Judge Likely to Exclude Sanctions Against Tornado Cash in Roman Storm's Trial

chest

The judge is expected to exclude sanctions imposed on Tornado Cash, while connections to North Korea remain in focus.

user avatarGiorgi Kostiuk

Chinese Creditors vs FTX: The Fight Over $470 Million in Frozen Payments

chest

Chinese creditors demand payments after FTX froze $470 million. Rising tensions over rights and global regulation in crypto.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.