South Korea plans to include crypto trading companies in the risky enterprise category

PANews reported on July 9 that according to Newsis, South Korean cryptocurrency trading and brokerage companies were previously unable to be identified as "venture enterprises" due to policy restrictions, but now this restriction is expected to be lifted. In the future, such companies will also be able to enjoy the government's support policies for venture enterprises. The Ministry of Small and Medium Enterprises and Entrepreneurship of South Korea announced on July 9 that it will revise the relevant implementation rules of the "Special Act on the Cultivation of Venture Enterprises".

Previously in 2018, South Korea had significantly relaxed the scope of risk enterprise identification, retaining only five restricted industries such as entertainment and gambling, but in the same year it temporarily excluded the cryptocurrency trading industry. This decision has long caused dissatisfaction in the crypto industry, and companies complained that they were "treated as a special industry." As the policy environment changes, the South Korean government has now decided to re-include cryptocurrency trading and brokerage businesses in the scope of risk enterprise identification, allowing related companies to obtain preferential policies such as tax exemptions and financing support.