South Korea Opens Doors for Crypto Firms with Incentives

South Korea has taken a significant step towards embracing the cryptocurrency industry by approving changes that will enable crypto firms to qualify for venture company status. This shift unlocks valuable tax incentives and financial aid, previously unavailable to these businesses. The decision came after a cabinet meeting where the Ministry of SMEs and Startups (MSS) finalized an amendment to the Enforcement Decree of the Venture Business Act. This update removes barriers for virtual asset trading and brokerage operations.