South Korea will lift restrictions on cryptocurrency companies obtaining venture capital status and provide tax reductions and financing support

ChainCatcher news, South Korea will remove cryptocurrency trading and brokerage businesses from the list of industries prohibited from obtaining venture capital status. The Ministry of SMEs and Startups announced on Tuesday that the Cabinet approved the revision of the Enforcement Decree of the Special Act on Promoting Venture Enterprises. These revisions will take effect on September 16, paving the way for cryptocurrency-related companies to obtain venture capital company certification, enabling them to better access funding and government support.

By lifting restrictions, South Korea aims to cultivate blockchain and cryptocurrency technology as a deep tech field within a broader digital asset ecosystem. South Korea's Minister of Science and ICT, Lim Hyesook, stated, "This is part of ensuring a future growth engine that aligns with global trends. We will concentrate policy resources to ensure that venture capital flows smoothly into emerging industries and support their development."