South Korea Crypto Firms Get ‘Venture Company’ Status: What’s Next?

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So, big news for South Korea’s crypto industry! Apparently, the country is about to lift the heavy restrictions that have been stopping crypto businesses from becoming “venture companies.” This means, *hold on tight*, crypto firms will soon have access to tax breaks and financing support. Because who doesn’t love tax cuts and free cash? 💸

According to a statement from South Korea’s Ministry of SMEs and Startups, the move was passed during a cabinet meeting on Tuesday (and we all know that *cabinet meetings* are where the magic happens). They’ve decided to revise the Enforcement Decree of the Venture Business Act, *finally* removing the barriers for crypto trading and brokerage businesses. Yes, you heard it right-no more restrictions on these digital money folks. 🙌

This new change is expected to take effect on September 16, which means crypto firms will be able to apply for venture certification. Cue the confetti! 🎉 Why? Because this certification opens up a whole new world of tax breaks, financing support, and basically everything you’d need to make your crypto dreams come true.

But wait, there’s more. Ted Koo (an attorney from LIN law firm) had a chat with CryptoMoon back in July and spilled the tea on the perks: tax reductions, research and development grants, credit guarantees, financing support-the works. And for existing venture companies already doing their thing? No need to panic! They’ll be able to jump into the crypto pool without losing their status. Phew! 🏊‍♂️

South Korea’s Changing Crypto Landscape: More Than Just Hype

For those wondering why this is happening now, let’s rewind a bit. South Korea’s block on crypto firms came into play back in October 2018. This, of course, was due to concerns about the *very* speculative nature of crypto at the time. Fast-forward to July, and the government hinted they might lift the ban, following consultations with the public and some really *smart* industry experts. Who doesn’t love a good consultation, right? 🧠

So why the sudden shift? The Ministry cited the global evolution of the industry and the fact that user protection systems have matured. Apparently, things are now *so much better* in crypto-land, and they want to support this growth. Who knew the crypto world could grow up so fast? 😅

Hope for Growth in the Crypto Industry

Once this ban is officially lifted, the Ministry of SMEs and Startups expects things to really take off. The goal is to accelerate growth in virtual asset trading, brokerage, and, of course, blockchain and smart contracts (because, let’s face it, they are the buzzwords we all love). 📈

The Minister of SMEs and Startups, Han Seong-sook, said the “regulatory improvement” is all about securing “future growth momentum” and keeping up with the global trend in the digital asset industry. So, what’s next for South Korean crypto? It’s safe to say we’re about to see some seriously exciting times ahead! 🚀

“We’re going to focus all our policy powers on creating a transparent and responsible ecosystem,” Han Seong-sook added. Because, obviously, transparency and responsibility are the new cool. 😎

Crypto is Officially on the Rise in South Korea

Here’s the kicker: after President Lee Jae-myung took office in June, the crypto environment in South Korea got a major upgrade. He’s been pushing crypto-related laws like a pro, including one to legalize stablecoins. Oh, and did you know that the South Korean crypto market is expected to rake in $1.1 billion by 2025? Talk about a booming business. 💰

And it doesn’t stop there! Crypto exchange users in South Korea have surpassed a whopping 16 million (that’s more than 30% of the country’s population, by the way). I guess everyone’s jumping on the crypto train, whether they’re in it for the gains or just because it’s, you know, the *trend* these days. 🚂💨

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2025-09-11 07:00