South Korea has taken a step to support cryptocurrency companies by lifting bans on their activities through recent legislative reforms.
Legislative Changes for Crypto Business
South Korea has approved changes in the 'Virtual Asset Products' Act, allowing cryptocurrency companies to qualify as certified venture firms. These changes will come into effect on September 16, lifting a seven-year ban on the operations of cryptocurrency companies.
New Opportunities for Crypto Firms
With the new legislation, crypto businesses can access essential government resources, including accelerator programs, tax incentives, and subsidized funding. The change also ensures that already certified venture companies can maintain their status if they expand into digital assets.
The Future of the Crypto Industry in South Korea
South Korea aims to align with global trends in digital assets, providing user protection and creating a transparent venture capital ecosystem. These reforms are designed to foster the development of new economic sectors related to blockchain and cybersecurity.
The reform of South Korean legislation opens new horizons for cryptocurrency companies, providing them with access to resources and enhancing the country's competitiveness on the international stage.
